Have you represented a buyer in a multiple-offer situation who wanted to write their seller a letter about why they should pick them? We call these love letters, but are they a good idea? Let’s talk about it.
Buying and selling homes is an emotional process, so it makes sense to the buyer to try and make an emotional connection with your seller. However, some states are passing laws that make love letters illegal.
A love letter will never make up for subpar terms.
Even if you live in a state where love letters are legal, you might want to think twice before writing one. My wife and I recently bought a home, and like many people in this market, we found ourselves in a multiple-offer situation. One of the other buyers wrote a love letter, but our offer was the best, so the seller went with us. The other buyer felt like they had been discriminated against, and they filed a lawsuit under the Fair Housing Act. If you want to avoid headaches like this, I recommend to your sellers not accepting them either.
There are other ways to make your offer stand out in a multiple-offer situation, and I’ll talk about them in future videos. In the meantime, please call or email me with any questions; I’d be happy to help!
If you have any questions about today’s video, or if you’re considering a change in your career to another firm or team that specializes in luxury real estate, please call or email me. Don’t forget to jump on our “Luxury Fridays” on YouTube each Friday. Check it out by going to www.LuxuryFridays.com and clicking on the “Luxury Friday’s On YouTube” button.