Dear Owner: I'm Not That Into Your Pad
By now you’ve probably read the Times article about negotiating for a home by sending a letter explaining a lowball offer; it’s been one of the top e-mailed stories on the paper’s web site for a couple days. In it, Rob Lieber drafts sample letters from both the buyer’s and seller’s sides. Apparently, epistolary haggling…
By now you’ve probably read the Times article about negotiating for a home by sending a letter explaining a lowball offer; it’s been one of the top e-mailed stories on the paper’s web site for a couple days. In it, Rob Lieber drafts sample letters from both the buyer’s and seller’s sides. Apparently, epistolary haggling is all the rage nowadays in places where the market’s tanked. Here’s part of the pretend buyer’s letter:
Dear Seller:
I’m writing to let you know that I would like to make a bid on your property. I love the area and am committed to buying a house nearby. And your home fits my needs. But given that my offer is well below your asking price, I also feel I owe you an explanation. First, consider the big picture. Nationwide, home prices in the first quarter of 2008 fell 14.1 percent compared with the same period a year earlier, according to the Standard & Poor’s/Case-Shiller U.S. National Home Price Index. That’s the biggest decline in the 20-year history of the data. And just in case you’re wondering, during the housing downturn of the early 1990s, the decline was never worse than 2.8 percent. Not only that, earlier this month, the National Association of Realtors pointed to the huge number of existing homes on the market. As of the end of April, the total number was 4.55 million. At the rate people are buying right now, that represents an 11.2-month supply. So buyers have options right now. A lot of them. I’m no different. Your home is great, but it isn’t unique…
Whoa! It’s a crazy letter-writing jungle out there. Anyone heard of this happening here?
Negotiating for a House? Start With ‘Dear Seller’ [NY Times]
Photo by The Fuzzy Squid.
Sure, 12:48. But the wording in the letter suggests the buyer is offering well below ask not just a little. So people are saying wording the lette that way is the wrong way to buy a place for well below ask.
Plus I myself would be very nervous entering inspection period and subsequent negotiations with someone who wrote a letter like that. If did decide to accept their offer, it would be for the property “as is”. Or no deal.
bxgrl, I’m just assuming she has other skills. If the admin and acting careers do not pan out, she can always audition to be a bargirl in Phuket – just watch out for the flying darts and ping pong balls. We’ll see you soon.
Brooklynnative, it seems that since the article came out, there are a few What impersonators, which is making it near impossible to decipher which posts are his and which are not. This may be discouraging the real What from posting – I think the article may have done more bad than good for him. Regarding the letter to the seller, I agree with you. I would be extremely wary and turned off by such a letter…as a seller, I just want you to show me the $$, not play idiotic tricks like this.
If I were selling I’d completely ignore the potential buyer’s arguments of what they thought the house was worth. I’d just focus on the number. Who cares about what the buyer thinks or says, just tell me how much $$ you are offering. Too many people are too sensitive. It’s a business deal and that’s what the seller’s mindset should be.
I think you have to focus on what you CAN offer…And then maybe add that you DO like the house and would love to raise your children there, etc. I just don’t think these “Dear Seller: You suck. and Dear Buyer: Drop dead.” letters move the process along.”
EXACTLY. This thread shouldn’t be a debate about where the market is headed, but about how stupid the NY Times has become. Do they have ANY business or RE writers who know what they are talking about anymore? This is the worst advice and so uninformed and clueless about how to properly deal with people — is the writer of this piece totally undersocialized or something? He doesn’t seem to grasp at all how to connect with people. Negotiation is about getting people to give you what you want. Which means you shouldn’t insult them! SO so so so stupid. If any buyers take this advice in the city of New York they will never own a home. I mean really, imagine New Yorkers receiving these letters. LOL. I’d actually love to get one just so I could have the pleasure of sending my scathing response!
I’ve not been on the boards much since the New Yorker article on the What. I haven’t seen him posting since that. Anyone seen him around lately? What was his reaction?
Biff- I was thinking more along the lines of green thoughts in a green shade, but HGWMV still remains one of the most beautiful books and heartbreaking movies ever made.
I’m out for awhile- can’t wait to see how this all goes through the day. Nice to have fun here for a change.
no- really, dave? awwww….see. thats what happens when you read posts from people who don’t capitalize their usernames.
She’s a blonde- of course not but she’s no renter. Renters have a much more developed design sense -as proved by many a McMansion, money can’t buy you taste. Only a homeowner would have put in that burnt orange sculpted carpet and she has to be steam cleaning regularly – or she wouldn’t be lying all over the rugs (we renters can’t afford to do that):-)
By the way didn’t Biff say she must have other skills besides typing to more than compensate? If she sends that picture along with the letter, judging by the tread today, no one’s going to read the letter anyway.
Hey Biff,
Nice shout-out to you on the marquee for the Henry Street cinema. You can’t buy publicity like that.
I think writing a letter to the seller can sometimes have real value.
One never knows what messages the realtor is conveying on your behalf. A letter is direct and cuts to the chase.