Why should you write a buyer cover letter?

Unless you’ve been living under a rock, you probably know that real estate markets across the country have been incredibly competitive for the last 18+ months. Bidding wars are common place, with sellers often receiving multiple offers before they have even been on the market for 24 hours. If you want to be successful as a buyer in this seller’s market, you have look for ways to stand out.

The first priorities for a seller will almost always be offer price and contract terms. After that, good communication from your representing agent, quick responses to questions and a personal touch can help make your offer stand out and nudge you ahead of your competition.

Here are a few tips for personalizing your offer with a buyer cover letter

Know your audience

Are the sellers another family, or investors or a corporation? If they are investors or a corportation then it’s less likely your letter will have any effect. They probably won’t even read the letter as they are only focused on making the most money possible with the best terms.

Be genuine and as personal as possible

This is your opportunity to show the sellers that there’s a real person behind the paperwork. Create a connection by telling them about you and your family, what you do for work, etc. Many sellers like the idea of knowing their home will be loved and cared for by the new owners.

Point out what sold you on the home

Who doesn’t love a compliment? Odds are, the sellers take pride in their home, so talk about what you love about it even if you think it’s a fixer upper. This is your opportunity to share your vision and paint an emotional picture of how you will enjoy living in their home. Does it have a spacious kitchen where you can bake cookies with your kids? Maybe a pool or backyard that you’ll enjoy entertaining family and friends in?

Cover letters are becoming a more popular tool for buyers who want to stand out. This means sellers will be more perceptive and sophisticated on which letters they allow to sway them.

Close with thanks

Make your closing argument and don’t be afraid to weave in some flattery as well as gratitude for their time and consideration.

Keep it short

One page is enough. You don’t want to overwhelm the sellers or come across as desperate. A well written, thoughtful buyer cover letter can be persuasive especially when you are neck-in-neck with your competion.

Here is are some examples of a buyer cover letter:

Courtesy of:
https://journal.firsttuesday.us/the-importance-of-the-homebuyers-offer-cover-letter/49994/ https://www.semidelicatebalance.com/the-epic-buyer-offer-letter-that-won-us-the-house/