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Friday, July 24, 2015

Home Buyer Tips: Will a letter to the seller help my offer get accepted?

The current Florida housing market is hot.  In Brevard County, Florida the median days on the market for single family homes is currently about 30 days.  That means many sellers are often receiving multiple offers.   Multiple offer situations will sometimes cause buyers to try additional tactics.

One of the tactics some buyers will use is the personal letter to the seller.  These letters, although not common practice, are sometimes written by buyers explaining why they want to buy the home.

Some buyers may even include pictures of the kids or even remembrances of a similar house in times gone by or whatever.  The point of the letter is to attempt to gain some additional leverage.

But will they work?  I don't know but, if a buyer is willing to pen the letter, why not try if they really want a specific property?

Some sellers may be so emotionally attached to their home that they may be more receptive knowing it is being lived in by a buyer who wants it so badly.

Key Point:  A letter from a prospective buyer, while maybe an attempt at the seller's heartstrings, will not make up for a poorly prepared, poorly reasoned offer.

If a prospective buyer is going to include a personal appeal with their offer it is still critical to make sure the offer is:
  • Competitive.  After all, it is almost always about price.  Read "Your Offer is more than price."
  • Supported.  Support refers to either a mortgage pre-approval letter or proof of funds letter being available.  Sellers must have faith a buyer has the ability to close before accepting any offer. 
  • Clean.  By clean I am referring to including the fewest contingencies possible.  Here in Florida, property inspection and financing/appraisal contingencies are usually expected.   
  • Timely.  The usual time frame for closings in Florida with a mortgage is about 45 days.  Some lenders may be able to pull it off in 30 days.  Cash offers can be closed in days or weeks. 

So, will a letter to the seller help a buyer get their offer accepted?  Perhaps, if all the above components of a well written competitive offer accompanies the letter.

Considering buying a home in Viera or Melbourne, Florida?  Call me at 321-693-3850 if I can help.

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