Love letters

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We wrote one and it worked...sort of. Not in the sense that the seller accepted our offer over a better offer, but that the seller was honest about communicating where our offer stood on in comparison to others amongst a bidding war. That gave us the opportunity to get back in the game and tweak our offer when we would otherwise have just been dismissed at the initial offer stage

This likely had nothing to do with your letter.

Except the seller specifically said that it had a lot to do with our letter.

Well you probably said some stuff in your letter that wasn’t quite true too.

[Anonymous]

I don't think of it as a Love Letter, but we wrote a letter to the Seller introducing our family. She had grown up in the house and understandably didn't want to see it torn down for a McMansion. We just explained how we intended to raise our family in the house and did not plan on tearing it down or selling it to any developers. She accepted our offer and we all felt good about it.

[Anonymous]

We did it twice. First time we were the third highest offer but our terms were more attractive so not sure if it worked. Second time we got the house before it was listed and the seller specifically told us they liked the idea of the house going to a family.

[Anonymous]

Anonymous wrote:No. Cash talks.

Usually true.
But if it’s a close call and the sellers built the home and lived there for twenty years and love their neighbors and neighborhood, you can tug at sentimentality with a gushing letter about how you are looking forward to building cherished memories in the lovely home they created. Some people care about their neighbors enough to want their home to go to ”nice” people.

Of course, this also only works if offer is already competitive, IMO

[Anonymous]

My sister got a house 110K less this way. Owner was wealthy and very entranced in neighborhood. She was building a big mansion.

She was not living neighborhood. House was easily worth 1.1 million. My sister was a teacher at her kids school and had three young kids same age her kids, and the same age as neighbors kids.

She skipped realtor sold to sister 990K and allowed sister time to sell her starter home and she closed on her house and bought new house same weekend.

BTW when we sold my moms house in an Estate sale my sister wanted to do same. We did a little off for a family starting out, we agreed up to 5 percent. Our lawyer said lets put a clawback provision and a stipulation on title they cant sell for ten years or tear down home for ten years and if they do the discount has to be paid back. Either way someone bought home in a bidding sale for top dollar as is no mortgage and never did it.

Ironically, the flipper saved home for infinity. it was Spring 2004 and flipper went route of renovating whole home top to bottom rather than tearing down. Market got weak and he ended up doing, driveway, roof, windows, basement, kitchens and bathrooms and barely got out in 2007. Once that huge amount of money put into the 1923 Sears Craftsman home it kinds guaranteed it will stay forever. My sister was just trying to save house and put someone neihbors wont hate us for. But the cash flipper did us all a favor.

[Anonymous]

Anonymous wrote:No. Cash talks.

We got some for a house we sold. We went with the highest offer, but they also had a nice letter. It was a rental property, we had never barbequed on the deck and all the stuff they wanted to do.

[Anonymous]

Ugh, no. Our agent flat out said that she would not present them to us. People LIE.

[Anonymous]

Got our house in 2017 due to our love letter. Couple owned the NW DC home for 50 years and prioritized wanting to sell to non-developer. They had a passionate hatred of pop-ups. We were not highest offer, but we came in with the best terms and still over list price. They were already sitting on 1500%+ return with our offer, so $20-30K didn't matter to them.

Their agent was familiar with us - we talked extensively with him at both days of open house, was present while we pre-inspected, and he accepted our love letter. He definitely guided them to our offer, given that we were hitting the price and the other intangibles (no inspection contingency, quick close, not developers).

They really matter with long time home owners. I would consider one if I sold my home - would prefer to also see a non-investor buy my home.

[Anonymous]

Helped us get our house last year on the Hill. Long time homeowners, and we were picked over developers with cleaner offers

[Anonymous]

It did for us way back when we moved. They had several offers all about the same. We submitted a nice, simple and sincere letter about seeing our kids grow up in the house and got it. When we sell I will consider letters too. I like my neighbors and would rather nice people moving in if there is no big money difference.

[Anonymous]

It may have worked for us once. There was a bidding war, we wrote a letter. The seller chose a flipper who then jerked them around. It fell out of escrow and the seller apparently told the realtor to reach out to that "nice young couple." And the rest is history.

[Anonymous]

The love letter we received was also the highest bidder; didn’t matter.

[Anonymous]

Everyone is saying the same thing—the letters definitely can work if your offer is competitive and your seller has been there for a long time and is emotional about the property.

[Anonymous]

Our seller moved down the street so probably cared about who was moving in. We'll never know if it made a difference, but we wrote one and got the house before it listed.

[Anonymous]

I’m a real estate attorney. Where they work best is when you have 2 offers closing price and the lower offer moves you. Unlikely you will go with the lower offer but likely you will call them and see if they will match the other and if they do it is likely that you will take it.