Making a Home Offer? 3 Scenarios When You Should Write an Offer Letter
Buying
Most buyers will present an offer to sellers with nothing but numbers.
However, in most cases, this is a mistake. After all, selling and purchasing a home are endeavors loaded with emotion.
The sellers are often emotionally attached to their abode and will want to see the best homeowners take over possession when the time comes.
How will they know who the right people are? How do you appeal to their emotions and their pocket books when you want to buy?
The answer lies in a good, well-written offer letter to accompany the dollar signs.
Why You Need to Write an Offer Letter to Close the Deal
When a seller gets multiple, similar bids for their property, an offer letter could be the stand-out reason that you’re the one chosen out of many.
Here are a few other times when it’s a great idea to write an offer letter.
1. There Are Signs the Seller Is Being Picky
You walk into the open house. Immediately, you know – this is it. You want to live here. However, there may be a few red flags.
For instance, the property may have been on the market for a strangely long time. Or you may submit an offer that then gets a cagey response.
What gives? The seller just might be extra careful about who they sell to, because their home means a lot to them.
This is the ideal time to write an offer letter that’s both sincere and reassuring about your intentions for the property.
If the home is historic and the seller is worried somebody will rip out all the character, for instance, you can tell them you have zero intentions in that regard. Or maybe the seller wants to see a family in their home. Your letter can mention your children and how the space will work perfectly for your day-to-day life.
Basically, if you love the home, you can appeal to the seller’s emotions with your own.
2. You Need to Explain Why Your Offer Is Lower Than the Asking Price
Another good time to write an offer letter is when you’re offering less than the asking price. It’s a perfect way to avoid offending the seller while respectfully explaining why you have to do it.
You never know – the seller may be open to a lower offer. However, it will go down smoother if you present that lower amount with a big dose of sincerity and respect for their home.
3. You Want a Better Chance at Acceptance in a Competitive Seller’s Market
When the market is competitive, buyers may be at a disadvantage. You may find yourself beat out for listings you didn’t act on quickly enough, or outbid when other buyers come prepared with bigger numbers.
When you need to stand out in this climate, an offer letter is a great way to do it. Sometimes, a few sincere words speak louder than dollar signs.
