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In many cases, the formula "Interest Rate x Purchase Price" dictates the value of a home, Also, a buyer's interest rate is a direct reflection of purchasing power.
Question: How do I maximize my purchasing power, leverage my closing cost and minimize my out of pocket expenses?
Answer:Choosing the right lender and agent. An agent can structure concessions in contract. A lender can use the concession to buy-downs rates to lower your monthly payment and minimize your out of pocket expenses.
This formula determines all the cost of buying and selling then comparing how long you'd need to keep the property to offset the cost of your rent cost. AKA "Cost Horizon".
Wonder why your offer is not getting accepted? There are reasons why this is the case. One of the critical reasons is not hiring the right agent. Often times, the inexperienced agent make the following mistakes: lack of proper communication with the other broker/agent, utilizing incorrect competitive contingencies (aggressive terms), checking the wrong boxes in the purchase contract, and writing incomplete contracts. These mistakes negatively impact and lower your chances on your offer being accepted. The right agent can apply the following actions before submission, such as utilizing in-house listings, properly communicating with the sellers' agent and directing you to a lender that provides a fully underwritten approval ("surface approval" vs. "fully underwritten approval"). A costly issue for sellers is making sure the deal closes the first time they go into contract.
Remember: The highest offer is not always the offer that gets accepted.