If you’re selling your home, you want a fast and smooth process. Data shows that the average house sits on the market for 22 days. That’s a long time to wait if you need the money.
It would be great to get a lot of offers on your house. But, having a choice is always beneficial!
You may come across home offer letters as you browse the submissions. For example, a potential buyer may elect to write a home offer letter to give to the seller of a home. This letter informs the seller a bit about the buyer.
Read on to learn about five things you must watch out for in this type of letter.
1. Too Much Information
The home offer letter should include information about the buyer. This consists of the buyer’s identity and why the buyer wants to buy the home. It should also detail how the buyer plans to use the house and their ability to complete the sale.
This letter should be part of a bidding strategy. It should outline why you choose the buyer’s bid over others.
The letter shouldn’t have too much information. Potential buyers must leave out information about race and country of origin. Other information to leave out is income and political beliefs.
This is personal information that can violate fair housing standards.
2. Anything About Changing the Home
Chances are that, as a seller, you don’t want to hear how a potential buyer plans to tear down your kitchen. You don’t want to know that your soon-to-be former home will undergo significant changes.
Consider this a bad sign. Potential buyers should keep their ideas to themselves.
3. Too Many Financial Details
Competitive bidding is great for a seller but can spell bad news for serious buyers. To get an edge over other buyers, a buyer may include financial details in the letter.
This isn’t necessary. Again, it’s a bad sign. It can cause a seller to raise questions or concerns about the buyer’s finances.
4. A Family Photograph
On top of an offer on a home, some buyers may include a family photograph in their offer letter.
But this is a bad idea. It won’t help to create a personal connection. What it can do is open the home selling process to discrimination.
5. The Need to Close Quickly
You don’t want to read that the potential buyer wants to close quickly. This statement can weaken an offer. If you aren’t planning on closing swiftly, you may not want to deal with that particular buyer.
Lookout for These 5 Things in a Home Offer Letter
If you’re selling your house, you might receive home offer letters. A home offer letter may help a potential buyer close the deal.
These five things shouldn’t be included in a home offer letter. Instead, you should move on to other offers if you see any of these things.
Make sure to explore the rest of our blog for more great articles.