Great news, my most recent listing got multiple offers and all above asking price!
While reviewing offers with my seller I noticed a huge factor that some buyers may want to consider when submitting their offer.
If an agent has helped their seller to price and market their home correctly, they should receive multiple offers in today’s market. Because competition is tough, I have some of my buyers write a personal letter depending on the condition of the sale and who the seller is. As a buyer’s agent I collect as much information about the property as possible and try to develop a good relationship with the listing agent. If they are wiling to share some information with me, I like to ask things such as:
-How many offers are on the table?
-At what price point are they at?
-When does the seller plan on reviewing offers?
-Are there any special conditions the seller is looking for in their offer? (ie 30 day escrow, no repairs, etc.)
-How long has the seller lived in the property for?
-Why are they selling?
With this kind of information, not only can I write up a clean offer to best position them, but I can also gage whether or not this may be an emotional sale to the seller. If so, a personal letter may make all the difference between two offers that are identical.
Below, I’ve included a sample letter of one that I would personally have written to my last listing in Gardena. However, every home is different and every buyer/seller is different. I would suggest to make your letter as personal as possible so that the seller can get to know a little more about you (and your family).
Dear Mr. Hashimoto,
My name is Lauren Weber and I am in love with your home at 1036 Magnolia Ave! I have been searching for the perfect place to call my own for the past month now and I am very excited to present my offer to you. I really appreciate that your property is located on the top level of the complex and has so much natural lighting. Just to give you a little history about myself, I was born and raised in Torrance and grew up going to numerous events next door in Gardena, including eating many meals at Gardena Bowl. I moved away to attend college at San Diego State University, but upon graduating I returned back to the South Bay and since then I have an even bigger appreciation for this community and what it has to offer. I truly believe it is the best place to call home! It is has always been a dream of mine to one day purchase a place of my own. With hard work and years of saving, I am finally in a place where I can attain such a goal. If chosen to be the new owner of your home I promise to work diligently to make escrow as smooth of a transition as possible for the both of us. Please do not hesitate to contact me or my agent if you have any questions or concerns. I look forward to hearing from you!
Points to include:
-Genuine excitement and love for the property
Point out something specific like kitchen cabinets or the flow of the floor plan.
-Familiarity with the neighborhood.
This shows the seller that you are aware of the surroundings and are not likely to change your mind during escrow because of the location.
-Add a little background about yourself
Sellers that have lived in their homes for a long time want to see that their home is going to someone that is deserving and appreciative. Paint them a picture of your life so they can get to know a little bit about you. Let them know if you are a newly wed couple or if you have kids, what are their names and how old are they?
Tell the seller a little about your job or your reason to purchase at this time in your life.
-Show willingness to work with the seller
Every seller wants a smooth escrow. Ensure that you will be easy to work with.
-Include a photo!
A stack of offers are just names and numbers, some sellers appreciate being able to put a face to a name.
If you are thinking about buying at this time, get your letter together ahead of time so in case you find something you love you wont have to scramble last minute. Be genuine and include a photo!
I hope these tips help you compile a great letter. Happy Weber Weekly Wednesday~!