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It’s often said that the pen is mightier than the sword, but that can also hold against the almighty dollar. Bidding wars are a fact of life for real estate buyers in NYC. If you find yourself locked in one with another buyer for your dream apartment, a personal letter could give you the needed edge. Don’t discount the difference this can make. According to The Wall Street Journal, sending a personal note and your offer to a seller during a bidding war can boost your chances of being accepted by 52.2%. Read on to see how this can be and how to write one yourself.
How can a love letter help you win a bidding war?How can a love letter help you win a bidding war?
Money certainly talks, but sellers can also be won over by something less tangible. That something is a sincere letter showing your appreciation and interest in the home. For many people, selling a home they’ve lived in for years and building an emotional attachment is far from easy. When they’re trying to decide between two competing similar offers, a love letter could be enough to persuade them, even if it means accepting less money.
That said, no amount of purple prose will overcome shaky finances. It would help if you didn’t stop assuring the seller that the home will be cared for and signal that this is a serious offer for some sellers.
When it comes to winning a bidding war in NYC, you should be pulling no punches and getting as much in your favor as possible. So then, how should you compose a love letter?
What to includeWhat to include
Introduce yourself and tell your storyIntroduce yourself and tell your story
The love letter is a chance to introduce yourself and put a human face on your offer. When a seller faces two or more very similar offers, that human touch to an offer can sway their decision. Just keep it concise and share details specifically relating to the deal. For instance, if you’re a recent graduate and this is your first home purchase, mention your credentials and dreams for the future.
Demonstrating that you have a bright and upcoming future ahead of you could be enough to make them overlook slightly higher offers. The key is to try and connect with the seller, which brings us to.
Find Common groundFind Common ground
Sometimes whether an offer gets accepted comes down to having common ground. Try to gather whatever information you can on the seller – without invading their privacy, of course. When viewing the apartment, look out for clues that can give you an insight into their lives and personalities.
If there is a bookshelf note, what the titles are. If you see diplomas from the same university you attended, you’ll want to mention them. Finding a common interest such as art, literature, education, or upbringing can help put a seller at ease. It may even encourage them to meet you face to face, which can lead to a deal going more quickly and smoothly.
Show your commitmentShow your commitment
Making an offer isn’t just about throwing a number out; it’s about showing your ability and desire to close the deal. You can communicate this by mentioning how long you’ve been apartment hunting and knowledgeable about the market. Also, suggest that your buyer’s broker and real estate attorney are ready to move forward with all haste and have plenty of experience closing deals fast. If it’s a co-op, then mention that you’ll do whatever it takes to pass the co-op board package.
You can also demonstrate the seriousness of your offer by mentioning why you feel this apartment is suitable for you. This can be as simple as specifying any details about the condo or co-op apartment that made an impression on you, such as its location in the perfect neighborhood, how beautiful the view is, or how you love the renovations they’ve done.
Love letter sampleLove letter sample
Dear Mr. [Seller(s) Name]
Thank you for the opportunity last Saturday to view your Chelsea property. It was lovely to meet you and your family and get to know your beautiful home. My wife and I have been searching for our first home to start our growing family, and we believe yours is just the one we’ve been looking for.
Along with our offer, we thought it would be nice to include this short letter, so you could get to know us better.
My wife Janis and I grew up in the city, and our parents live close by. We must find a home close to our family as we have our first daughter due in August and want her to be close to her grandparents.
I graduated last year from Harvard University as a Business Consultant and was fortunate to immediately find a position with XYZ Consultants right here in Chelsea. We’ve been looking for a close home to my work, and it was the right size for our new family for the past year. When we saw your home on the market, we knew we had to see it.
The convenience of the location isn’t the only thing that caught our eyes. On first walking in, we fell in love with the place. We both love the attention to detail you’ve done with the kitchen and the charming light fixtures in the living room; allow me to say also you have excellent taste in furniture selection.
I have already gone through the property specifics with my broker, and we are ready to move forward with all haste. As you can see from my offer, all my financials are for a quick and smooth sale.