Just when your home search feels like it’s coming to a dead end, your dream house appears!
You are ready to make an offer with the money you’ve been saving for the past year, but your realtor lets you know your offer is among several others. It’s now up to the seller to decide which offer will be “the one”. And you suddenly feel the dreams of your potential new home floating away.
This harsh reality is something homeowners face all too often, especially in a low-inventory housing market. But, this time should be used to get an edge over your competitors. No, we aren’t saying offer your first-born child to the sellers in hopes of winning them over, but something a little less important like an offer letter.
An offer letter will allow you to reach out to sellers and connect on a level that money can’t buy. Reaching out to someone for a personal connection is undoubtedly a great way to get their attention and the emotional home buying process is no different.
Here are our tips for making your offer letter one a seller can’t turn down:
- Make it pop
You must know you aren’t the first and certainly won’t be the last to ever present an offer letter. With that said, you will want to make sure your letter stands out from the crowd. Compare to a resume for a job you’ve been eyeing. Before an employer even reads about your previous experience, the appearance will be what brings them in. Same thing with an offer letter to a seller. Explore different fonts and format options to see what will work best for you.
- Gush about the house
Of course, the seller knows you are interested in their home because you put in an offer. Go a little bit further and discuss what about the home you love and want. Whether it’s the quirky entryway or the finished basement, the sellers will find comfort in knowing their home will be going to someone who genuinely appreciates it.
- Dive deep with connections
Human beings can bond over almost anything, from a love for a certain sports team to disliking the iced latte from a local coffee shop downtown. Similarities are key. If you are lucky enough to have some insight on the sellers likes and dislikes, mention them in your letter. The seller will really enjoy reading about what you both have in common and you will automatically seem like a relate able candidate. Be sure to change up your letter each time you send it, much like a resume, people can tell when something is generic and it won’t bode well for your reputation of setting yourself apart.
- Assure them of your buying potential
No seller wants to have to question if the people behind the offer letter are qualified to purchase the home. That is why you will want to divulge a few important details in the letter to reassure. Include things such as your source of income, job, and a short credit synopsis. You don’t want the letter to go on for days, but you may be surprised at how beneficial this information can be.
- Leave a paper trail
Now that you’ve written an eye-catching offer letter, it’s time to get them out. No matter how convenient it may seem to send an email with the letter attached, it’s not personable. You never know if the seller may see the email based on it going to SPAM or being one of hundreds they receive per week. Also, having a letter with you at the open house allows you to personally hand it to the sellers or their realtor, or leave it behind for when they come back. Make sure before leaving anything behind that you know if the sellers are still occupying the home. You don’t want all your hard work and effort to be in vain! Either way personally dropping off the letter shows you the extra effort you may need to put you ahead.
Bonus Tip: Personal Video to the Seller
If you are thinking of going above and beyond the normal letter route, consider a personal video. This gives you a chance to show your raw emotions, on camera, about your love for the home and what is has to offer. The seller may be able to connect with you on an even deeper level with a visual, rather than reading words from a paper. The video message lets sellers put a face with the name and get a genuine feel for the type of person you are.
Buying a home in competitive low inventory market is difficult. But, taking the time to format the perfect offer letter will give you the edge you need and the home you ultimately dream of.