In tight housing markets, it's common for bidding wars to erupt between potential buyers as they fight over slim pickings. Although you're 97 percent more likely to win if you submit an all-cash offer, don't fret if you can't pull together the resources to take advantage of this strategy. An alternative option is to submit a personal letter to seller detailing why they should sell you the home. Here are a couple of tips for writing a winning letter that sways the seller in your favor.
Connect on a Personal Level
The sellers are more than the people who currently own the home you want to buy. They're human beings who have goals, interests, and desires just like you. It may sound odd, but making a personal connection with the seller can grab the seller's attention and make your offer stand out.
This is particularly true for sellers who have owned their homes for a long time. Although they may want to extract as much cash from the sale as possible, these types of owners tend to genuinely love their homes and want to make sure the property is going to someone who will love it just as much.
Thus, look for ways to get personal and highlight any similarities you and the seller may have. This is where making an effort to meet the seller in person during a home tour (and paying close attention to the stuff in the house) can really pay off. If you notice the seller has an office indicating he or she works from home, casually mention you want the home for the extra space to telecommute so you can spend more time at home with your family.
If you make enough of a personal connection, the seller's good feelings about you may lead them to select your offer, even if it isn't the highest one.
Compliment the Seller
Even though you may take issue with some of the seller's design choice, find something to compliment them on. Most everyone like compliments and —since the goal here is to get the seller to notice you— heaping a little praise on the homeowner will make your offer memorable to them.
However, don't just stop at the compliment. Help the seller visualize how their choices will affect your enjoyment of the home. For instance, if you truly like the fire pit the owner had installed in the backyard, tell them how you and your family will enjoy spending summer nights bonding over roasted marshmallows. People generally like feeling as though they're helping others, so this may sway the seller to your side.
For more tips on crafting the perfect offer/personal letter, contact a real estate agency, like NWRE Brokers, for assistance.Share