Want a Million-Dollar Home? Tips From a Mega-Broker
All 50 states require builders to be licensed and you should inquire about the builder's status with the state licensing authority. You should also obtain a listing of any lawsuits naming the builder as a litigant.
Getting a Mortgage? Lay Low Until The Closing Date
Buyers with bank commitment letters in hand are better able to command a seller's attention than buyers who appear empty handed. But you should know that all commitment letters come with contingencies that need to be satisfied before a bank will allow a closing to occur. So you should do whatever the commitment letter says you need to do and the sooner you do it the better.
(Read More: Real-Estate Tips from a Mega-Broker to the Stars)
The most ubiquitous contingency a bank requires is proof that your financial condition has not changed since the commitment letter was issued just prior to closing. In order to meet this requirement you should do nothing between the commitment date and the closing date that will negatively impact your financial status, such as switching jobs or taking on new debt.
-By Dolly Lenz, the Vice Chairman of Prudential Douglas Elliman
The million dollar home competition is on CNBC all day Tuesday, April 23 on "Squawk Box," "Squawk on the Street," "Street Signs" and "Closing Bell."