How many times have buyers, competing in a multiple offer situation, put pen to paper to write a love letter to the seller? Like an annual Christmas letter, out will come the would-be-buyer's accomplishments; what their jobs are; what they like to do; their dreams and aspirations; why they love the house and so on.
Some are simple, "State the Facts", some border on literary masterpieces while most are in-between pleas by desperate buyers.
And yes, sellers are swayed. These are real seller responses to these letters:
"I love how they have a Golden Retriever, just like our Sadie."
"I really want the veteran to get the house."
"All the buyers seem solid but these buyers really like my permaculture garden. They seem like they will keep it up."
Fortunately, I never heard anything remotely racist or repugnant. Had they, a swift mention of Fair Housing Laws and consequences of deliberately breaking them, would have been my response.
Price, terms, cash versus loan, contingencies and the real nuts and bolts of the transaction, in the end, prevail over these love letters. If two were exactly similar, they would be countered. So, did love letters really sway sellers?
Not really. It was fun to talk about the different buyers with the sellers. Did I meet these buyers? How was their agent? Easy to work with or difficult? Anecdotal information is typically requested by the seller but it always boils down to the last offer standing.
Well, these love letters, like love letters in a bottle slipped to the sea, are drifting away from use.
The state of Oregon, the first state to do so, has just mandated these letters can be a violation of the Fair Housing Act. And the National Association of Realtors have weighed in with a caveat, seemingly in support of Oregon's mandate, warning Realtors to avoid "a compromised position" through these letters.
Starting January 1, 2022, these letters will be banned in Oregon. Expect to see other states coming forth with these as well. I don't have a problem with this.
I think it will help focus the buyer to put their best offer forward.
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