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Cost per thousand borrowed When buying residential real estate it is important to remember there is a lot more to consider than just the initial outlay-purchase price. I have been in the situation many times where a client has found the perfect property then during the negotiation they get all caught up with the price paying vs. the offered price. I understand that everyone wants to feel as though they are getting a deal, however, if the property is offered at a fair price or even below market in some cases. This is all about "winning" for the buyer. The real win should be acquiring a property you want at a fair price. Some buyers feel the need to further beat the seller of the property down in price. I have had clients destroy a deal over $1000 which comes to approximately $6.32 per month on a property that was priced below market and then go out and buy a property that was over priced by several thousands of dollars but they felt good about it because they got it at a price far below asking. Truth be told, they paid too much because they couldn't get over the fact that the first property was offered at a much better price. $5000 divided by $6.32 equals 791 payments. $1000 financed 30 years at 6% interest is $6.32 per month.

Contributed by gbales on January 23, 2008, at 11:52 AM UTC.

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