Posted To: Pipeline Press

Real estate agents will tell you that offering above asking price is only the first step, with many buyers also waiving contingencies, skipping inspections, or providing free lease-backs to sellers, along with offers for the seller to remain in the home for a period of time after closing, rent-free. When something becomes too expensive, consumers begin talking about price elasticity and substitution. Rent instead of own. Kerosene instead of whale oil. Cod instead of halibut. Tea instead of coffee. When lumber becomes too expensive, there are substitutes like stone/masonry, steel, or… bamboo . Hey, don’t knock it: the 2,264 giant pandas left in the world can’t be wrong! Do mortgage loan originators (MLOs) ever become too expensive? They’re the drivers of a lender’s…(read more)

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Source: Mortgage News Daily