Finally, after a long, arduous search, you found an affordable home in the perfect neighborhood. Now, an offer letter is the only step that stands between you and owning that ideal home. Here are useful tips to craft an offer letter that will, without a doubt, appeal to the seller.
Talk to Your Attorney or Realtor
A successful offer letter includes terms of the contract, including the bid price and any contingencies. Make sure you offer legal, fair and feasible conditions. An attorney or your realtor will assist you in providing the correct details.
Share Why You Want the Home
Paint a picture to the seller with words that include two or three compelling reasons as to why you want to be the next owner of the house. By connecting emotionally with the seller, you increase your chances of winning the bid.
Flatter the Seller
There is no shame in crafting a pitch that flatters the seller. After all, you want them to feel good about accepting your offer, even if it is not the biggest bid they receive. Mention in glowing terms the recent improvements you noticed of their home such as the recent home remodels or the new hardwood floors. Always thank the seller for the opportunity to meet them. Thank them also for the opportunity to bid on their lovely home.
Do Not Mention a Planned Remodel
Refrain from mentioning any remodeling plans such as adding a basement or a sunroom in your offer letter. A seller who still has an emotional attachment to their home may reject your offer, particularly if you plan to change a feature that was dear to him or her.
Include Reasonable Contingencies
Contingencies are conditions included in an offer on a home that must be fulfilled before the deal can close. While too many contingencies will kill an offer, too few may have the same effect. Be reasonable when asking for contingencies, which typically include an appraisal and inspection.
Stress that you are a “stable” homeowner by providing proof of it. Include a copy of your loan approval and other paperwork that proves you are reliable. Excellent employment history and any other achievements should also be included, along with a copy of your loan approval. Your stability may outshine a higher bid from a buyer who may have problems at closing.
Keep your offer letter positive. When you are crafting your offer letter, keep in mind that this is not the appropriate time to mention a chronic illness or any other disturbing news. Instead, stay positive and upbeat as you seek to impress the seller.
Reinforce Your Best Qualities
Summarize your best qualities and why you would be the best buyer for the seller’s home at the end of the letter. You may even want to share that you are flexible and willing to move in at the seller’s convenience.
Proofread the Letter
Last but not least, make sure that your offer letter is proofread not only by you but by other friends and family. Spelling and grammar mistakes can quickly kill an offer. An appealing offer letter could land you your dream house, especially when it is well written and easy to read.