If you are searching for a new home and find a property that you fall in love with, how can you help to assure that the sellers will accept your offer over any others? The Wall Street Journal recently published an article about an innovative way to make sure your offer stands out.
There are tried and true methods to distinguish your offer above the rest. All cash offers nearly double a buyer’s chance of being accepted, and if you can’t do all cash, agreeing to forfeit the deposit if a mortgage cannot be obtained can greatly increase your chance of generating a successful offer.
So what is this new idea to assure that you are noteworthy? The WSJ suggests creating a Cover Letter to submit with your offer. Sellers are often emotionally invested in their property, and they want to know that there are real people behind the paperwork. A family in San Francisco who fell in love with a coveted 3 bedroom residence composed a letter describing their two year search for the perfect home that praised the architecture and style of the property. The letter-writing family won a bidding war over several other similar offers including one that was all cash. The sellers wanted to know that their beloved home would be treasured by the new owners as well.
In Seattle a potential buyer did some research and found that the current owner of the home he liked was a strong community volunteer who had custom-built the house. This buyer wrote a letter describing how he wanted to become involved in the community and would maintain the house instead of tearing it down. He beat out another offer and now happily resides in his dream home.
The home buying and selling process can be emotional for all the parties involved. Bringing some of the human element into the negotiations with a heartfelt cover letter can help to sway the sellers to accept YOUR offer!