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