Tips for Tackling Buyer Letters With Your Clients
When the market is competitive, buyers will try everything to bring their A-game in hopes that sellers will accept their offer. In the past, writing their feelings about a home in a personal buyer’s love letter was a tactic used throughout the country. But those letters have made headlines, with REALTOR® associations across the country discouraging their use in the real estate industry.
The National Association of REALTORS® warns that letters sharing personal details can raise red flags. Often those letters reference protected classes under the Fair Housing Act or state and local fair housing laws, including race, color, religion, sex, disability, familial status or national origin.
Tips for Tackling Buyer Letters With Your Clients:
Educate your clients about the fair housing laws and the pitfalls of buyer love letters.
Inform your clients that you will not deliver buyer love letters and advise others that no buyer love letters will be accepted as part of the MLS listing.
Instead of a letter, suggest your buyers share their credit score with the prequalification letter to help show how qualified they are.
A non-refundable deposit can go a long way to show a buyer’s skin is in the game.
Make a competitive offer without crossing the line. It’s not always about the price. There are all kinds of things a seller might want, such as to close quickly. If a buyer really wants the house, find out from the listing agent what they are really looking for.
Remind your seller clients that their decision to accept or reject an offer should be based on objective criteria only.
Listing agents should document all offers received and the seller’s objective reason for accepting an offer.
February 9, 2023. National Association of REALTORS®. How to Handle Buyer Love Letters.
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