Some people call them offer cover letters, while others use the more endearing term “Dear Seller” letters. It’s a letter (or email) that accompanies an offer, where the buyer attempts to summarize why their offer is awesome. I have been using it on all of my offers since I started in real estate, but it has grown in popularity in today’s competitive market. Here are the components of a good “Dear Seller” letter.
1. Highlight the Strong Points of Your Offer
You want to give assurances to the seller that you will successfully close this transaction for them. In your letter, accentuate your offer’s positives. Are you putting down a significant amount of money? When applicable, let them know you can remove contingencies quickly and can close the entire transaction fast. Bring your offer’s strengths to the fore front in the letter. Here’s a caveat… don’t over promise on your letter. Only state the true facts of your offer.
2. Get Personal and Try To Connect
This is your opportunity to give the sellers a glimpse into who you are. Some may think it’s a stretch, but you want to try to somehow connect with the seller through the letter. If the house reminds you of the house you grew up in, let them know. Tell them how the house is perfect for your growing family because of all the beautiful work they did to the backyard. Trust me, if you’re able to connect in some fashion, and your offer is on par with other offers (money, timeframes), this may put you over the top. I’ve had it happen to several of my clients!
Be careful though. You don’t want to be too “sappy”, and you don’t want to be untruthful. Also, the seller doesn’t want to know your entire life story. You want to be genuine and authentic.
3. Let Them Know You Are Approved For The Loan (I Mean Really Approved)
Again, it comes down to assuring the sellers you can close the deal. Tout the fact that you are APPROVED for your loan. Let them know your lender has reviewed all of your paperwork. You may also want to let them know you have been approved by your lender’s automated underwriting system (including a copy with the offer is a good idea).
You always want to put your best foot forward in life. This is equally true when making an offer on a house. A nice, properly constructed “Dear Seller” letter is a great way of showing a seller all of your positives. It might just be that extra something that gets you the house! Good luck..