Short sale priced to encourage multiple offers. Financials aside, how to I appeal emotionally via letter?

Asked by LadyHog, Thousand Oaks, CA Mon Jun 11, 2012

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Barry Shapiro’s answer
Barry Shapiro, Agent, Camarillo, CA
Mon Jun 11, 2012
Professional Secret: If you are in a competitive buying situation, we recommend you write an "emotional letter" to the seller, telling the seller why the property you've selected is so well suited for you. You'd be surprised, but we've seen our clients beat other buyers out because they connected with the sellers on an emotional level -- but ULTIMATELY it's all about the money that the seller will net. If it's a corporate-owned, investor or REO property, don't waste time with the emotional letter. When you offer amount (net) is similar to the other competing values, the NEXT best way to get an offer accepted is to appeal to a seller's emotions. Why? Because residential real estate transactions are put together -- and sometimes blow up -- over emotional hotbeds of insanity, lunacy and what often seems to be bipolar mood swings. So it may help if you can give the seller a reason to care about you. Or, it may actually hurt your chances, if you happen to hit a hot button with the seller. •To make a seller receptive to your offer, make the seller feel a connection to you. Showcase your vulnerability and sincerity in a letter. Make the seller feel as though you are the perfect buyer.

Include the following details:

1.The names, ages and relationships of all occupants.
2.A little history about your previous homes and how that relates to this home.
3.Your occupation, education and struggles to get to where you are in life.
4.List the specific reasons why you fell in love with this home.
5.Explain why you deserve to live in this home and how you will care for it.

A seller's house is a place where joy is shared, sorrows are expressed, hopes and dreams are crafted; it's a place of treasured memories. If it's not a happy situation (divorce, etc), then forget the letter approach entirely...

Good luck -- and remember CA$H is King! ... and COMPASSION is Queen :-)
0 votes
Bonnie Sterl…, Agent, Simi Valley, CA
Mon Jun 11, 2012
Hi LadyHog, The financials will not be aside, sadly, as you have already seen, this is what the seller needs
The offer most likely to be accepted by their lender. This is usually all about financials.
A buyer who truly understand that the purchase is "as is".
A buyer who maybe doesnt need to move quickly, one who can wait along as long as the sellers lender delays
A buyer who has a very easy lending product or no loan so they can close quickly once the lender provides an acceptance/ if accepted.

The Realtor who presents your offer should be a very strong communicator who can present to the sellers realtor that you can perform on all of these items. Assuming your offer is competing with finanicallysimilar offers, relationship or likelihood that you will be all of these things for the seller/sellers agent, can make a difference, if you can really do the things I have outlined as strongly desirable to sellers/sellers agents.

Good Luck and remember, buying a short sale is frequently an added layer of stress on an already stressful activity. You will want to "not sweat the small stuff" and be flexible, patient and make sure you are working with someone who has excellent communication and follow up skills.
0 votes
Team Komar, Agent, Camarillo, CA
Mon Jun 11, 2012
Ms. Ladyhog-

As a road warrior I am the last party to be a scenic, but if you reference the LA TIMES
SUNDAY front page on 06-10-2012 you will see that 'bidding wars' are back in the
Real Estate business. We are seeing it in Ventura County every day.

Banks don't deal with emotions,there not in the real estate business, I am afraid
you are better off finding a good broker to help you achieve your budget goals in
purchasing a home unless you have time to write a letter. Even seasoned SHORT
BROKERS don't get the time of day with Banks because of the tsunami of short
sales in their inventory.

Historically low interest rates, coupled with an upcoming presidential election tells me
that this window of opportunity we have had in the last 18 months to buy at the bottom
of the market will disappear.

Good Luck.
0 votes
Janey Bishop, Agent, Calabasas, CA
Mon Jun 11, 2012
If it is a legitimate sale the Seller wants to have a Buyer most likely to make it through the short sale. They have to be ready, willing and able and willing to go forward quickly even if bank comes back with higher price. Convince them you are the strongest offer. And have a good buyer's agent to help you actually perform if your offer is selected
0 votes
Heidi Glass, Agent, Westlake Village, CA
Mon Jun 11, 2012
Are you buying a short sale or wanting to sell via short sale.
0 votes
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