Buyers stuck in a competitive market need to step up their game in order to drown out the noise (Mine! Mine! Mine!).
Before you pull out this last resort weapon, get a feel for some preliminary tips and tricks to being a buyer in a crowded market.
So…
After you’ve exhausted all other strategies: cash offer, no contingencies, quick close, etc. to beat out the 8 other offers,
This unexpected strategy may be required:
A LETTER TO THE SELLER
(Mind Blown Explosion)
In the first millisecond, you’ve already decided if this is for you or not…
If it is, keep reading. If it’s not, you may not LOVE the home you’re competing for enough.
Simplified:
Sellers are people, people have emotions.
How well you paint your heartfelt story will determine it’s effectiveness.
Most people will prefer to sell to a family/couple that will love and appreciate their home as they did. That being said, cash is king and may have the final say.
Does it work?
Answer: Sometimes.
Things to consider when you’ve already devoted your heart and soul to a home:
#1 Turn into a Creepy Stalker
Who is the Seller? More importantly, find out their situation and the best way to approach them.
How do you do this? Through your agent, figure out why they’re selling and what their motivations are.
You may want to go as far as looking them up on social media or Googling them to find a connection — any connection.
#2 Focus on Hot Buttons
If they’ve lived there for years, focus on their emotional ties of having their children growing up and now having your children have the same experiences and memories.
Basically:
They’ll be interested to know who the potential buyers are and you can use this to help them make a decision. In a tie between a “loving family” and an investor, it may be enough to sway their decision.
When writing the letter include:
- an introduction of who you are (character development)
- why you love the home (plot)
- how you will carry on their legacy (hook)
#3 Investors are immune to your tricks
Investors are cold hearted. Not really, they just have different objectives and are used to setting aside emotions to run their business more effectively. Cash is always king here, but some investors are willing to get more creative when it comes to terms than traditional sellers are, so don’t give up so easily. See more on How to Speak an Investors Language.
#4 Hope for the Best
After you’ve done your best to establish as strong of a connection as possible, cross your fingers and hope for the best. The letter should go through both your agent and the sellers agent (if applicable). Their agent has an obligation to present the letter to their clients, especially if it’s accompanied with an offer.
Make sure you communicate with your agent all along the way so that they can help you be as thorough as possible.
Caution: AFTER ALL IS SAID, spilling all your guts out, and being completely vulnerable….it’s best not to get your emotions too involved in a home you might never get to live in.
Be Prepared to get dumped.
This way you’ll be able to move on quickly and learn to fall in love again….
The ups and downs can be rough, especially when you’re taking such a big step that determines you and your family’s future. Let me know how I can help make it happen.
Other Resources
- First-Time Home Buyers : The Ultimate How to Buy Guide
- How to Vet an Agent
- The REAL Value of a Strategic Agent and his Marketing Plan
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The above article “Obscure Buyer Trick: Winning the Best and Final Offer ” was provided by Tanner Johnson. If you’re thinking of selling or buying, I’d love to share more information with you.
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