By Johanna Wiseman
The real estate business evolves in response to economic, cultural, legal, and local conditions. Our area is experiencing a situation of low inventory, with demand greater than supply. Desirable homes are generating multiple offers. Most people have heard that prices are rising with competitive bidding, but the sale price is not the only consideration. Inspection and financial terms are decision factors as well. An agent’s advice is key to navigating the bidding process, for both buyers and sellers.
The “Love Letter” is a hot topic this year. For years, it’s been common practice for buyers to submit a letter introducing themselves and detailing their enthusiasm for a home they hope to buy. Photos, names, personal history, and references to holiday celebrations are sometimes included and can be interpreted to evoke nostalgia and favoritism. Some sellers are understandably emotional about their homes and want to be involved in the personal selection of the next owners. Others consider it a business decision and want to focus on the terms.
Read more ‘Real Estate Corner’ articles here: https://theconnectionsnj.com/category/real-estate-corner/
Intended as a friendly tool to give sellers an idea of who the buyers are as people, the love letter is now being reconsidered. Federal Fair Housing laws prohibit discrimination based on race, color, national origin, religion, sex, familial status, and disability. Do you see how a love letter can easily reveal a buyer’s status with respect to the above categories, and how that information could be used, even unintentionally, in making a biased comparison or decision? This is why the National Association of Realtors has advised members to explain to their clients the potential for discrimination in writing or accepting the letters as part of a real estate offer, and to consider avoiding the letters altogether.
Love letters are not forbidden, but buyers are cautioned to focus on the property features rather than on details about themselves. Recently I submitted an offer for a client and was informed that any accompanying personal information about the buyers would not be presented, per the seller’s decision.
Finding the balance between matters of the head and heart will always be a challenge. I would remind all clients to base decisions on objective criteria; while understanding that homes are personal territory. Individuals should be able to rely on their own ethics, along with good professional guidance, to decide how best to proceed in their real estate transactions.
Local expert Johanna Wiseman of RE/MAX Preferred Professionals can be reached at 908-705-0652, or visit www.MyBridgewaterHome.com