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Real estate agents reinvent ‘love letters’ to sellers as housing competition remains fierce

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In today’s bright red housing market, buyers are doing everything they can to compete. Avoiding contingencies, bidding far beyond offering prices, and in some cases even offering to the sight of invisible real estate, are all at risk.

But what about a humble love letter? Indeed, telling the seller why you love your home and want it to be your own only increases your chances.

Not so fast, says the National Association of Real Estate Agents. According to the organization, memos can lead sellers to violate the Civil Rights Act and can actually endanger transactions.

However, this does not mean that there is no alternative. Two members of the National Association of Realtors in Chicago are experimenting with a new format at a recent National Association of Realtors (NAMMBA) event that focuses on the professional aspects of transactions rather than the characteristics of buyers. I shared that I am. They said this tactic could be the beginning of a new chapter in real estate love letters.

Traditional buyers’ love letters may look like a personal touch that helps to highlight your offer, but real estate professionals are the sellers when weighing competing bids. Warns that it may cause you to consider information that should not be taken into account.

Eve Benton, nominated as Managing Broker for Exit Strategy Realty in Chicago, said: We selected the purchaser based on the status of the family, which is a protected class. “

” read more: Home buyers, don’t rely on sellers to read the letters you wrote

The Civil Rights Act prohibits discrimination against future homebuyers based on race, color, religion, gender (including sexual orientation and gender identity), disability, family status, and country of origin. I am.

Personalized love letters tend to contain information about buyers who fall into at least one of the protected categories. This can expose not only the seller’s agent, but also the seller himself to potential violations.

Often, traditional love letters are off the table, and Benton said he wanted to find a way to make the client’s offer stand out without breaking the law. So she tried to create a new kind of note focusing on the team with which she works.

Nicole Wheatly, a community development consultant and Benton’s colleague at Exit Strategy Realty, tried the same tactics.

“I had to sell my team to my clients,” Wheatley said. “I focus on the mortgage brokers we work with, their years of experience, their effectiveness, communication skills, etc. Also, with a lawyer and this lawyer guarantees this is fair. We will also talk about how it can help you to do it. Legal proceedings. “

Benton added that she would include any information about the financial strength of her buyers.

“I’m currently working with approved buyers as well as having pre-approval,” Benton said. “If the seller is ready, it may close within two weeks.”

Benton and Wheatley say the new love letter format hasn’t seemed to be widespread yet, but has received positive feedback so far and could be beneficial to anyone if it becomes popular. Said.

Wheatley helps sellers be more confident that a deal will be closed. “

Loveletter is not the only strategy that buyers can or should adopt to compete in the current housing market.The first step for most people Find an agent Someone who understands the neighborhood you want to buy and can help guide you through a process that inevitably involves multiple bids and some disappointment along the way.

” read more: Skipping home inspections in a highly competitive market is attractive and dangerous

It’s also a good idea Know your budget Prepare to flexibly respond to the property wish list at an early stage, Do your research About the area where you are shopping. You don’t just want to make sure it fits your good lifestyle. You also want to know a bit about other successful transactions, so you can adjust your bids to match general market trends.

You can also Work on improving your credit score When Increase the down payment If you are not ready to start the offer.

It is dangerous for buyers to tell sellers too much about themselves in love letters, as they can hit the boundaries of fair housing. Instead, Benton and Wheatley said agents could use these letters to promote the power of the professionals behind the offer. Buyers can also prepare for fierce market competition by conducting market research and improving their financial profile. All of this helps to make the offer more attractive and streamline the path to closing.

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