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It was so bad that the best/cheapest way to fix it was for us to move back in and restore it ourselves. Plus I was then living in county so I could sue ...
You received some bad legal advice, either from yourself or someone else.
I always have my clients write letters. I have seen them make the difference in a multiple offer situation where the financial terms were identical or similar. I have heard stories where they made the difference when the winning offer was significantly lower, dollar-wise, than others. Some sellers respond to letters. Some don't as you can see reflected in the earlier comments. But if you are a buyer trying to buy a house in a multiple offer situation and your realtor doesn't advise you to write a letter, then you are at a competitive disadvantage because chances are, the others are submitting letters with their offers. Ultimately, buying and selling is an emotional decision for a substantial segment of the population.
We received 3 full-price offers when we were selling our house. The one offer with the letter was the first one we threw in the trash. If they wanted to get the house so badly, they would have offered more money. THAT would have gotten them the house. The letter obviously did not. In fact, it sent the message that they weren't able to offer more money, so that was a red flag that they were already overextending themselves on the house. If they loooooved the house that much and could offer more money, I would assume they would have done so. That was a big red flag that they were going to nickle and dime us come inspection time.
Also want to add that the letter could all be a bunch of BS. For all the seller knows, it could be an investor who is just lying in order to get the house for less money.
My friend is selling her house and was telling me how moved she was by a letter a prospective buyer sent her. The letter mentioned things about how the buyer loved the house's decor, how she looks forward to making pancakes for her kids in the kitchen, and the neighbors that she met were so very nice. My friend was downright weepy over this "lovely" letter.
This strikes me as blatant tugging the seller's heart strings and would turn me off the buyer. But perusing the web, I guess real estate "love letters" are the going thing now. Comments?
As a seller, I would not even read them. Sorry. If it is substantive information, it should be included in the offer.
What's going on in the prospective buyer's life is none of my business, and because someone writes me a sentimental letter, why should I favor that offer over another buyer who had the good sense not to write such tripe, even if his/her situation was far more "moving"?
As a seller, I would not even read them. Sorry. If it is substantive information, it should be included in the offer.
What's going on in the prospective buyer's life is none of my business, and because someone writes me a sentimental letter, why should I favor that offer over another buyer who had the good sense not to write such tripe, even if his/her situation was far more "moving"?
To clarify, what is going on in the buyer's life that does not directly impact their ability to actually close the deal. To me, these letters are likely to only (1) reveal information that weaken's the buyer's negotiating position or (2) reveals information that suggests the buyer is unlikely to be able to complete the transaction. So maybe I should read them, and use it against said buyer.
To clarify, what is going on in the buyer's life that does not directly impact their ability to actually close the deal. To me, these letters are likely to only (1) reveal information that weaken's the buyer's negotiating position or (2) reveals information that suggests the buyer is unlikely to be able to complete the transaction. So maybe I should read them, and use it against said buyer.
Yes. You should read them because many buyers reveal plenty of stuff you can use as leverage.
Just seeing that they are emotionally invested in the property can add to your leverage.
I don't tell my buyers to write them, but when they want to, I do coach them on content hoping to push a seller's buttons rather than to give up too much.
Given two offers of almost equal value, a letter can make a difference.
It's not going to make a difference if it costs the seller money.
This was my point.... I wasn't talking about some crazy low offer.
We sold one home in a competitive market where we had 7 offers and they were all similar. Sorry but the one with the letter came out ahead of the lame guy that was going to level our home and build some awful house that didn't fit the neighborhood. Maybe we took a risk oh well because I actually like my former neighbors and still talk to them even though they aren't our neighbors anymore.
The one I saw got torn up-including cute kid photo and returned with rejected offer. It was too messy to counter. The same agent put in first paragraph CASH to seller (from the proceeds of a very restrictive hard to navigate loan) I think they are scam for profit.
I sold my townhouse in a hot market last year and received 10 offers. One of the offers included a letter, but I didn't read it -- in fact, I probably still have it! I already felt somewhat emotional about selling the house and wanted to keep as much emotion out of the equation as possible.
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oh well because I actually like my former neighbors and still talk to them even though they aren't our neighbors anymore.
