Let’s say you’re competing with
several other buyers for the same home and are looking for a way to make your
offer stand out. You may already be offering more than asking price and terms favorable
to the sellers, but other buyers could doing the same.
To give themselves more of an edge
in these situations, some buyers are submitting “love letters” along with their
offer. In them, buyers typically compliment
the sellers on their home, say how much they love it, and explain why it would
be the perfect home for them. In addition
to personal information about themselves, buyers may include photos of their family
and pets.
Are Love Letters
a Good Idea?
Some experts think these letters
can be problematic. They say sellers should refrain from reading love letters to
avoid unconscious bias when choosing an offer. When sellers have personal information about buyers, it could open them
up to potential claims of discrimination by those who feel their offer was wrongly
overlooked in violation of federal or state fair-housing laws.
Some listing agents caution sellers
against reading any love letters they may receive. Instead, they advise sellers
to focus only on the details of the offers, such as price, deposit amount, settlement
date, financing, inspections, and other contingencies. Sellers who don’t want to receive love letters
can ask their agent to clarify up front
that buyers should not submit them and that any letters received will not be
read.
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Read more of Annette’s real estate articles
for the latest real estate advice. If you’re planning to buy or sell a home, contact Annette
Nelson at (610) 247-7892 or annette@preferredhomes.com
#realestate #housing #loveletters
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