Pre-qualification is an informal estimate of how much you can afford, while pre-approval is a formal evaluation of your creditworthiness, income, and assets. A pre-approval provides more certainty to sellers that you have the financial ability to purchase the property.

Determine your budget by evaluating your income, expenses, savings, and your overall financial goals. It’s essential to consider factors such as property taxes, insurance, and maintenance costs. Additionally, working with a financial advisor can help you establish a comfortable budget.

A real estate attorney can help you review and understand the legal documents involved in the transaction, such as the purchase agreement, title documents, and mortgage paperwork. They can also assist in resolving any legal issues that may arise during the buying process.

A home inspection is an evaluation of the property’s condition, carried out by a professional inspector. It helps you identify potential issues, such as structural damage, and can provide you with valuable information for negotiating repairs or price adjustments.

Annual property taxes and homeowners’ insurance costs can significantly impact your overall housing expenses. It’s essential to factor these costs into your budget and consider any potential increases in the future.

Some luxury properties in Beverly Hills may be part of a homeowners’ association, which can impose fees and restrictions on property improvements, maintenance, and overall appearance. Be sure to understand these rules and costs before making a purchase.

The down payment for a luxury property can vary based on factors such as the price of the home, your credit history, and the specific mortgage product you choose. Generally, a down payment of 20% or more is required for luxury properties.

Various financing options are available for luxury properties, including conventional mortgages, jumbo loans, and portfolio loans. It’s essential to discuss your options with a mortgage professional to determine the best financing solution for your needs.

To make an offer on a luxury property, you will need to submit a written proposal to the seller, which typically includes the proposed purchase price, any contingencies, and your desired closing date. Your real estate agent can guide you through this process and help you craft a competitive offer.

Negotiating the price and terms of a luxury property purchase can be a complex process that requires a thorough understanding of the local market and the specific property. Your real estate agent can provide valuable guidance and represent your best interests during negotiations.