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Location: Sarasota/ Bradenton - University Pkwy area
4,619 posts, read 7,543,282 times
Reputation: 6036
Quote:
Originally Posted by CapnTrips
I might try it if I was a buyer, since there's no harm done, but I'd ignore it if I was a seller.
Agreed. I work with both buyers and sellers. In our area I have run into one of these letters on occasion, but sellers for the most part were more interested in which offer nets them the most, what contingencies are in the offers and how strong is the financing (when applicable). I do caution buyers who mention writing a "love letter" as they can backfire if the seller thinks the buyer really, really, really wants their house.
Agreed. I work with both buyers and sellers. In our area I have run into one of these letters on occasion, but sellers for the most part were more interested in which offer nets them the most, what contingencies are in the offers and how strong is the financing (when applicable). I do caution buyers who mention writing a "love letter" as they can backfire if the seller thinks the buyer really, really, really wants their house.
Or buyer tells something in the letter that is a turn off. I knew someone who was selling and had multiple offers, several including letters, Seller had been on the HOA Board a few years before. In her letter, Potential buyer mentioned that she fostered rescue pit bulls. Seller liked the members if the HOA board and her neighbors, and was relieved to have other offers.
On a few occasions, my buyers have written a letter; all successfully bought the properties.
In fact, in one instance, the sellers (son and daughter-in-law of deceased owner) were so touched by just the right tone in the letter that they accepted a lower bid from my buyers because they felt the mother would have wanted them to have the house.
It's not appropriate in most transactions and definitely has to be genuine.
I know it to work time after time. Of course, not in place of a good offer, but if all other things are equal in a multiple offer situation, a nice letter makes that buyer stand out.
My prospective buyer in Boise tried that. Basically, the gist was that I should take less money for my property because they were a young couple and really liked the house. Never mind that even though they were married, it was only in the wife's name, which generally means that the husband's credit looks like the ground in a dog park. And never mind that if their bank wouldn't loan them a nickel more, and if they could not themselves put up a nickel more, that's a pretty good sign that the house is beyond their means and they should set their sights more prudently.
Didn't work. Sorry, kids, but I'm not here to help young couples. I'm here to sell my house for the best price.
We would only listen to the buyer if they said they will throw in a brand new car and a trip to New Zealand if we sell it to them. Another thing that may sway us is if they said their teenage son, who likes to worship Satan in his free time, has a band and loves to practice in the garage.(It would be a sweet revenge if you have a jerkwad of a neighbor...lol.j/k.....not that we have any of those...but if YOU do....)
Seriously...
I guess we're a couple of unemotional a-holes because it would tick me off that people would try the whiny card.
Full price cash offer, no contingencies, fast closing, no help in closing costs are all phrases that will make us slobber all over ourselves.
It is interesting how people equate a letter with a low price. The two are completely separate items.
People positing as sellers might consider how emotional their posts seem.
It is unfortunate when sellers would bring so much emotion to a business transaction that they would behave childishly because a nice person wrote them a complimentary cover letter.
Old timers here will say, "Tell me about your people." To some degree, that is intrusive, as the listing agent wants to garner confidential information, or even dance around the fringe of Fair Housing reg violations with unnecessary demographic information. I accept it as an opportunity to sell my buyers to the agent. I give the "letter" response, tailored to my perceptions of the sellers: "These are fine professional people whom I would be proud to call neighbors and friends." "This is a delightful family, and they can see how much the sellers enjoyed raising their family here."
For all the "businesspeople" here who indicate that they would have a strong emotional reaction to a harmless letter: You need to up your "business" game. Smart business says you take every shred of information that the other party offers, so you can examine it for a negotiating advantage. EVERY shred. If you are unemotional, be unemotional. Read the letter and look for clues. And, you also might meet some nice people, if you aren't too emotional to do so.
That type of letter would either be sent back unopened or thrown in the trash unopened. This is a professional, non personal business transaction, keep it that way.
How would you know what it was if you didn't open it?
My opinion? It's fine, but it's not going to sway me on price.
This may only work in a bidding war type of situation, but then I would likely still go with the highest bidder.
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.j/k.....not that we have any of those...but if YOU do....)
