In the process of buying and selling homes, things can get pretty hectic and stressful trying to get the deal done, so the personal aspect of the transaction can sometimes be pushed aside and it's easy to get focused on the numbers. Well, in a market that is hot and inventory is low, bringing the personal touch back into the equation may just set you apart and make you the victor against competing buyers. Here's what I mean. When inventory gets low and there is high demand, the home sales process can quickly include multiple-offer situations (the seller has several offers from different parties from which they may choose to select a buyer). Many times the market becomes so intense that buyers will submit offers without even viewing the property in person. It's then, that you need each and every edge you can get to have your offer be the one accepted by the seller.
What is the purpose of a letter to the seller?
Although this can vary with geographical location, in our area the buyer and seller usually do not meet, and it's common for each side of the transaction to close at a separate location. This contributes to nearly - if not a total - separation of the parties, so offers from buyers to sellers are all about the technical aspects of the offer to purchase. This can be a good thing sometimes, but when competition heats up and you're on the buying side sometimes there can be a benefit to connect the two parties, and this is the purpose of the letter.
What should the letter contain?
Because the purpose of the letter is to make a connection between buyer and seller, including common points of interest might be something to consider. How do you know what you have in common? Well, when you viewed the home, you may have seen a boat on the property. Maybe bikes in the garage, or sports equipment. Those can be interests that you share and may make for common ground on which you can connect in your letter. Other ways are to have me inquire on your behalf (as your agent), and if you need more you can always check to see if they're on social media and may have shared some of their interests.
Include a connection with the home
While your letter may include content to connect with the family on a personal level, you also want to share with the seller why you feel buying their home is right for you. For most people, a home is something special. It's where they create memories and therefore they get attached to it. Deep down, they want someone to take care of it and love it the way they did, and this will be more likely if the seller has lived there a long time. Are all sellers this way? No, some are cut and dry about it and it's simply a structure, but most have some sort of emotional attachment to their home. Sharing with them how you imagine your family there and making memories builds confidence with the seller that their home is in good hands.
Does a letter guarantee that you'll be the winner in a multiple-offer situation. No, nothing can guarantee that, but with the right seller, making a connection with them and providing confidence that you love the home and will cherish it can sometimes make your offer the one they select.
If you need assistance drafting a letter when and if that time comes, no worry... I'm here to help you with all aspects of your home buying. If you have questions before then, I'm always here for you so please contact me with questions big or small.
