In a competitive real estate market, how do you make your bid the one accepted by the seller—even if other buyers are submitting higher offers or even offering to make a full-cash payment? Instead of simply submitting a low offer or raising the price beyond what you’d really like to pay, you might consider going for a more emotional, rather than financial, appeal and submitting a buyer’s offer letter.
What is a Buyer’s Offer Letter?
A buyer’s offer letter is essentially your “cover letter”. It’s your story, your reason for wanting to buy a particular home, and the seller’s reason for wanting to sell you the home over other potential buyers. It’s your chance to connect with the seller on a more personal level.
Why Use an Offer Letter?
Instead of just submitting an offer that could be outbid, take some time to establish a personal connection to the seller so that you’re not just another number in a sea of offers, but a human being with a story. For one Washington, DC area couple, their offer letter was not only the ticket to the perfect new home, but it also helped them save $11,000 on their purchase!
How Do I Write a Buyer’s Offer Letter?
A good offer letter isn’t easy to write, but there are some important elements that your letter should have if you want it to be effective. The key is to explain to the seller why you are the best choice for their home and how you will continue to love their home just as they have. Here are some tips for writing your best offer letter:
- Always address them by name. A personal letter starting off with “Dear Seller” is doomed to fail.
- Use flattery. Compliment their home and explain why you love it. Make it personal—their decor, their taste, their lifestyle. Just be careful to keep it sincere.
- Build connection. Find something you have in common with the seller, whether that’s a school, a sports team, favorite activities, a previous job, or more.
- Go emotional. Tug on the seller’s heartstrings a little bit. Don’t go overboard with a long and sappy story, but give the seller a chance to get to know you as a person, and better understand why you want to buy their home.
- Keep it simple. While you’re presenting the emotional side of buying a home, be cautious of going overboard, including too many details, or elaborating on sadness or weaknesses. Highlight 2 or 3 of your best qualities, keep it positive, and keep it short.
- Add a photo. Make yourself stand out with a happy family photo.
- Proofread. Never submit an offer letter that hasn’t been looked over by at least another pair of eyes. Check for spelling mistakes, grammar errors, confusing wording or phrasing, or poorly-structured sentences or paragraphs. Make sure your letter is perfect before you submit it.
Buying a Home in Plymouth, Canton, Novi, or Northville? Get More Advice!
If you’re thinking of buying a home in Plymouth, Canton, Novi, or Northville, MI, then it’s time to contact The Knight Team. As your experts in local real estate, we’re your guide to buying a home, exploring the community, and finding the perfect home. Let’s get started today.