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Real Estate Fight Club

27
Jul 2020

Episode 44: Should You Have Your Buyers Submit a Letter With Their Offer?

July 27, 2020

In Episode 44 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley invite guest Aaron Wittenstein to duke it out over whether you should have your buyers submit a letter with their offer. Hear why Aaron considers this a legal question, how Jenn handles letters with sellers, and how Monica has seen this issue play out with successful offers. 

 

Episode Highlights: 

  • Should you have your buyers submit a letter with their offer?
  • Guest Aaron Wittenstein asks if submitting a letter with your client's offer is legal.
  • Aaron is risk-averse. His biggest concern is following the law.
  • Jenn thinks submitting a letter is dumb. On the legal issue, she asks whether you're liable if the letter is sealed and you don't know what it says.
  • Aaron says it’s all about the math, but is it? 
  • Jenn says that it does matter who the seller is because you can pull on their heartstrings.
  • Monica says it would be nice if it really was about math. There are emotions and attachments.
  • Aaron sees that people get tied up in the emotion. He feels that it’s our job to pull them out of the emotions.
  • Jenn brings up the point that when people move, it is tied to something emotional.
  • Aaron has all offers come in a particular format. He forwards everything to the seller.
  • When Jenn receives a letter, she asks sellers if they want it. 
  • Monica says that as a buyer's agent, you can submit the letter because you're not doing anything wrong.
  • Most agents surveyed were pro-letter.
  • Monica says that she has had only two buyers ask to write a letter. In both cases, they got the house.
  • Jenn says a letter adds no value.
  • Aaron tells sellers to run with the money.
  • Monica says if you’re representing a buyer, it won’t hurt to submit a letter.  

3 Key Points:

  1. Including a letter with your offer may bring up legal questions.
  2. We can focus on the numbers, but real estate is also emotional. 
  3. A letter may not add any value, but it also may not hurt. 

Resources Mentioned: