The disappointment of your offer not being selected on a home in a seller’s market can be frustrating. Next time you may want to try a strategy that has worked more times than you may realize. Try increasing your odds by writing a “Love Letter” to the sellers about their home.
I have personally heard of a handful of times where a heartfelt “Love Letter” written to the seller was successful. The sincere note pushed the seller to take their offer instead of competing offers that were on the table, even though they were for more money.
In one recent situation, the young couple wrote a letter to the sellers and expressed how many generations of their family had grown up in the Prescott area. The couple shared that they were starting their own family and was excited to continue family traditions and live in a home in the same neighborhood they grew up in. The couple shared their passion they had for their occupations and their plans to continue working in Prescott, they also shared that they had been working and saving for years to make this purchase. The couple was ecstatic when their offer was accepted! In fact, it beat two other offers that were for more money!
Rationally, you might expect the highest offer will always win the home, but there are a host of other factors involved. Some are emotional. Some sellers want to see their home go to a buyer they not only trust to close the deal, but they also like the personal aspect as well.
How To Write a “Love Letter”
Here are the basics you’ll want to cover in your letter to give yourself a competitive edge with the seller.
- Explain how much you like their home. Don’t go overboard, but prove to them you know the home and you truly appreciate their taste and the unique characteristics of the house. This might touch on improvements they’ve made or other aesthetic details.
- Spare them all the things you might want to change. What you say is as important as what you don’t say. Don’t tell them you’re going to gut the place as soon as you close, add a second story, or rip out their garden for a pool.
- Demonstrate you’re qualified to close. Make them feel confident in your qualifications as a buyer. Show them you’re pre-qualified for a loan, are buying cash, or have other reasons why you’ll be a hassle-free buyer.
- Be humble and positive. Don’t give them a sob story about the four other homes you’ve lost out on. Praise the neighborhood and make them feel as though you would be positively honored to be chosen as the next owner of their home.
- Get personal. Let the sellers get to know who you are on a personal level. You don’t need to be an open book, but let them know who they are selling to.
- Check the letter for typos. Read it out loud. Listen for clunky sentences or awkward repetition. Have someone proof it for mistakes. Their confidence in your attention to detail is important.
A good agent should be able to tell you if the letter sounds like an honest appeal. Have it included with your offer as a cover letter.
Need help finding a home worth a love letter? I can help. Contact me today at: 928-308-0101
