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Old 02-04-2016, 06:23 AM
 
245 posts, read 498,573 times
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I received letters/pictures from probably half of the buyers who were interested in buying the property on the beach in Southern California that I sold last summer (about 25 offers). Having information on the potential buyers was helpful; the spread between the top 3 offers was $200,000. The highest offer was from a buyer who already owned a house about 10 houses down the street (he was planning on keeping the current one; sent family to view my house and never saw it himself. Next highest offer was from an LLC who wouldn't divulge who the principals were. And the third was from a family with 2 college age boys who liked to surf. Included with the letter was a picture of the family. I wound up selling to the family, even though their offer was lower. So in this case the letter helped -- I wanted the house to go to a family who would enjoy it as much as mine had (even though their offer wasn't the highest).

One of the offers in the middle of the pack had also included a letter and they took a picture of their very young daughter standing on the stairs inside my house. That one was funny in that it was so over the top..
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Old 02-04-2016, 07:51 AM
 
Location: East Coast
4,234 posts, read 3,671,811 times
Reputation: 6458
I could see how this could work in very competitive markets, where there are multiple offer situations. I don't see why it would make one whit of difference if the owner were an investor, flipper, or relo company, which in some markets, constitutes a fair percentage of the housing stock.

I can't really imagine ever writing one, although I suppose in a very particular type of circumstance I could be persuaded by one. But generally, I want the most money for my house with the least hassle. It would have to be a situation where there was very little difference otherwise in the offers and there were multiple offers.
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Old 02-04-2016, 09:42 AM
 
Location: Howard County, Maryland
16,291 posts, read 10,309,907 times
Reputation: 35950
Here's how to make me want to sell my house to you:

Quote:
Originally Posted by beckerd2 View Post
Full price cash offer, no contingencies, fast closing, no help in closing costs are all phrases that will make us slobber all over ourselves.
And here's how not to:

Quote:
Originally Posted by j_k_k View Post
Basically, the gist was that I should take less money for my property because they were a young couple and really liked the house.

People are emotionally invested in their houses -- understandably so -- but this is a distinct disadvantage in the business transaction of buying or selling homes. One should put aside all emotion and strictly focus on the cold, hard facts of the transaction.

That said, as an adoptive parent I'm a sucker for my fellow adoptive families. If a family that looked like mine were among those vying to buy my house, I'd probably favor them if they were otherwise at least close to meeting the non-emotional criteria.
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Old 02-04-2016, 09:42 AM
 
1,094 posts, read 1,136,296 times
Reputation: 2183
Quote:
Originally Posted by Meyerland View Post
It would help decide between two equal offers.
Absolutely, I would inform the party that sent the "love" letter that a better offer was received and to raise their offer price immediately or risk losing their dream home. If they refuse, they weren't really in love, so I'd just sell it to the other party.

A basic rule of negotiation is to not show an emotional interest. Its just an invitation to be taken advantage of.
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Old 02-04-2016, 09:48 AM
 
1,094 posts, read 1,136,296 times
Reputation: 2183
Quote:
Originally Posted by GeorgeJ. View Post
I received letters/pictures from probably half of the buyers who were interested in buying the property on the beach in Southern California that I sold last summer (about 25 offers). Having information on the potential buyers was helpful; the spread between the top 3 offers was $200,000. The highest offer was from a buyer who already owned a house about 10 houses down the street (he was planning on keeping the current one; sent family to view my house and never saw it himself. Next highest offer was from an LLC who wouldn't divulge who the principals were. And the third was from a family with 2 college age boys who liked to surf. Included with the letter was a picture of the family. I wound up selling to the family, even though their offer was lower. So in this case the letter helped -- I wanted the house to go to a family who would enjoy it as much as mine had (even though their offer wasn't the highest).

One of the offers in the middle of the pack had also included a letter and they took a picture of their very young daughter standing on the stairs inside my house. That one was funny in that it was so over the top..
It must be nice to be able to leave $200k on the table. For the 99%'ers this isn't really an option. Plus do you really think your charity to that family was a better cause than taking the $200k and making a cash donation to a legitimate charity?
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Old 02-04-2016, 10:06 AM
 
Location: New Orleans, LA
1,843 posts, read 3,918,180 times
Reputation: 3366
It's a business deal. It's all about the money.

I moved out before I put my house on the market, and my emotional ties to that house were gone. So, a letter would have just seemed irrelevant. A higher offer, on the other hand, would have seemed quite relevant.

I have read that they do this kind of thing in California but never heard of it being done here.
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Old 02-04-2016, 10:35 AM
 
Location: Chicago area
18,748 posts, read 11,707,041 times
Reputation: 64054
The only thing I would appreciate in a "love letter" is a written promise to never paint any of the beautiful old growth oak trim, never to change the 1911 windows with wavy glass, and to never change the doors and skeleton key locks. That and a full price offer will get you the house
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Old 02-04-2016, 11:09 AM
 
Location: City Data Land
17,156 posts, read 12,853,959 times
Reputation: 33163
Quote:
Originally Posted by kab0906 View Post
I wouldn't care. It's all about the cash for me... love it that much, up your bid.
Love it! Money talks, letters go in the shredder.
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Old 02-04-2016, 11:24 AM
 
Location: Cary, NC
43,015 posts, read 76,500,303 times
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Funny how few people in this thread do counter offers.

Here we often negotiate between buyers and sellers until a mutual agreeable position is attained.
Maybe it's different in NC?
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Old 02-04-2016, 11:31 AM
 
Location: Raleigh, NC
19,359 posts, read 27,562,622 times
Reputation: 35932
Quote:
Originally Posted by MikeJaquish View Post
Funny how few people in this thread do counter offers.

Here we often negotiate between buyers and sellers until a mutual agreeable position is attained.
Maybe it's different in NC?
I've only purchased a new build here in NC, so I can't compare.

But in all 3 purchases and sales I did in AZ, it was always counter offer in writing. Verbal negotiations were a no-no. (And yes, I used several different agents, and obviously dealt with various agents on the other side.)
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