Adding an offer letter seems increasingly popular among home buyers in Nashville, but can it really make a difference?
The answer is yes. When the real estate market is tight and inventory is low, buyers need to find ways to stand out from the crowd. While a bidding war may break out, it may not necessarily be the highest offer that wins in the end. Thanks to the highly personal and emotional nature of buying and selling a house, a strong letter could beat a higher offer. Here are some tips for writing one.
This really should go without saying but it’s important that the letter come directly from the buyer, and is not something the agent has written. An agent can provide a companion letter perhaps to verify the buyer’s integrity or character, but the actual letter should be in the buyer’s own words.
An offer letter is the perfect opportunity to let the home seller know exactly what features are most loved in the house. Go ahead and gush away over the gourmet kitchen, the view from the porch, or the detailed finishing touches found throughout the home. Let the buyer know EXACTLY why the house is THE ONE.
Buyers need to add personal connections – ways that the buyer and seller can bond over something in common. In other words, the buyer would be smart to mention an overwhelming love for dogs if it seemed clear that the buyer loves them too. Buyers need to find a way to appear more personal to the seller, as well as relatable. Sellers often want to feel good about who buys their home. Buyers need to outline the reasons why it should be them.
Confirm buying ability
It’s important for buyers to restate their ability to purchase the home, that their financials are in order, etc. After all, the seller will want to be sure that the buyers chosen can be counted on to close the deal.
Be sure to leave a hard copy for the buyers. Emails are lovely but don’t carry the same weight as a handwritten (or typed) letter that the seller can hold and read. It’s another opportunity to stand out from the crowd.
In tough markets, an offer letter may be the deciding factor. If you would like help writing an offer letter for your next Nashville home, call DeSelms Real Estate today at 615.550.5565!