Heartfelt Buyer Love Letter Can Make The Difference
Boulder real estate has gotten quite competitive the last several years. Home buyers need to be on their A-Game when making an offer. Many times, clients run into multiple offer competitive scenarios. Then something like a Buyer Love Letter can make the difference between winning the bidding war and being out next weekend looking for a another home.
Tips and Tricks To Winning In Multiple Offer
Too often, buyer run into a multiple offer scenario. We my clients do, we want to use every trick in the book to win. Some ideas my clients use include:
- Proof of Funds
- Buyer Love Letter
- Appraisal Gap Coverage
- As-Is Inspection
- Non-Refundable Earnest Money
This post is going to focus on connecting with the seller via a note. I’ve had a good deal of success utilizing this strategy. One story comes to mind.
Alec Parkin was working with me as a college intern at the time. Going into his senior semester, he had already secured a position with a major banking institution. He decided to buy a home in Parker, Colorado and used a Buyer Love Letter to seal the deal.
College intern buys home, wins in multiple offer scenario
I remember asking the listing agent why we were getting a counter offer. It was unusual, since she also mentioned we were not the highest or best offer. So what gives I asked? Well, she said our offer had one thing the others did not, a heartfelt buyer love letter.
Alec had liked the columns in the condo and in his note mentioned how the architecture reminded him of a Junior year study abroad program. That simple, honest, heartfelt message won the bidding war.
Every Little Thing You Do
When facing multiple offers, every little thing you do can make an impact. Don’t wait to prove you have the funds to close, include your POF – Proof of Funds – with your offer. Take the time to jot a note to the seller. Or better yet, try a video.
I’ve had my client’s shoot a video in the seller’s home. This is a great strategy, especially if you identify something important to the seller. For instance, Ben and Emily’s video in front of the owner’s prized rose bushes was viewed a dozen times. C’mon, the only person with the link to the video was the Seller.
The seller even told us at the closing, “When I saw your video, I told my daughter that’s the offer I’m going to take.” Video buyer love letter wins the day!
Not Everyone Appreciates A Buyer Love Letter
Topping that list, the Listing Agent for the property. Why? A letter like this can accidentally trigger issues. What if there are two identical offers. One has a letter and the seller is influenced by it. Listing agents tend to be very cautious around anything that can be construed as violating equal housing opportunity or creating a bias.
So you might write your letter and the seller never sees it. Since it isn’t part of the state contract, it isn’t required to share your buyer love letter with the owner.
What To Say In A Buyer Love Letter Or Video
Keep it simple, quickly tell the seller about features you love. Did you see a dog bowl during the showing? Mention how it’s a perfect yard for your dog. That hideous orange wall? Great opportunity to mention you are a big time Broncos football fan. Definitely focus on the positive in this note and ideally make it hand written — but legible!
Remember, a strong heartfelt buyer letter can be the difference between a winning bid and still looking for a house next week.