Agent

When ‘love’ letters to the seller make (or break) a real estate deal

Buyer letters to sellers are becoming popular in low inventory property markets, but beware of their pitfalls
  • Buyer letters can melt sellers' hearts but they can equally backfire or put clients at risk of prejudice.

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Kathleen Wilkin’s homeseller accepted the lowest of three offers. In a letter, the buyer who captured her client’s attention wrote of the need to move into a better school district to provide assistance for a special needs child. “The seller had also raised a special needs child, and wanted those buyers to have her home," Wilkin said in a conversation on Inman Coast to Coast. In another case, a letter told the seller of a family's plan to downsize so they could spend more of their disposable income going on missionary trips to Africa. This moved the Oakville, Ontario, seller to opt for their offer, which was a whole $150,000 (Canadian dollars) less than the highest bid. Indeed, a buyer's letter to the seller, also known as a “love" letter, that sparks a connection between parties can mean the difference between clients winning a bid to purchase their dream home -- even with a lower offer -- and losing out. If you are in a low inventory market, chances are you...