You’ve found the house of your dreams and you’re ready to make an offer; but how do you compete with a handful of other prospective buyers who’ve also deemed the home “the one”? This is a dilemma buyers are facing all over the country, from Anchorage, AK to Atlanta, GA. And the reality is, you aren’t always going to be able to submit the highest real estate offer for your dream home.
Fortunately, there are ways to make your real estate offer letter more competitive when more cash isn’t an option. Most real estate agents say letters is one of the best ways to support your bid. The house offer letter gives you the opportunity to connect with the sellers on a personal level, to explain to them why you want their home and why they should choose your offer. And that human connection, realtors say, can sometimes even trump a higher price for sellers.
“I recently worked with some first-time homebuyers who fell in love with a highly desirable townhouse and were determined to get it,” said Redfin real estate agent Lesley Lannan. “Theirs was the first offer on the property, and the owner was so touched by their letter that he accepted their offer and canceled a subsequent Open House. I can’t underscore the importance of offer letters more.”
Here are some tips to help you write a strong house offer letter:
1. Make Your Home Buyer Purchase Offer Letter Stand Out:
As real estate offer letters become more and more common among buyers, you have to find a way to make yours stand out. Think of it as a resume. A beautiful letter to the home seller with attention-grabbing fonts is going to jump out next to other letters.
2. Explain in the Offer What You Love About the House
Don’t just tell the sellers you want their house, tell them why you want it. Whether it was a big backyard, a chef’s kitchen, or a walk-in closet that grabbed your attention, the owners will be flattered to hear what you liked most about their home. Just a note to remember, fair housing laws prohibit sellers from accepting or rejecting an offer on the basis of a protected characteristic, such as race, religion, or familial status. Buyers should try to make an emotional connection with the seller by focusing on the features and amenities they love about the home rather than personal characteristics.
3. Print a Hard Copy of the Offer for the Sellers
Think about how many emails you receive daily versus how many hard-copy letters you get. If you send your real estate offer letter through email, you run the risk of it going to spam or being quickly buried beneath other emails. Instead, agents recommend leaving a hard copy of the letter on the seller’s kitchen counter during a showing. However, they advise you only do this if you know the owners still live there and will see it (as opposed to it being a vacant home), and if there are no other showings after you (as a subsequent agent could see it and possibly remove it.) This will show a little extra initiative on your part, and give you peace of mind knowing that your letter to the home seller ended up in their hands and not in their spam folder.