Offer Cover Letters: Addressing Specific Seller Needs

In part one of this two-part blog series, we went over some basics on the cover letter that you may or may not include as part of an offer on a new home. Cover offers serve a few purposes, from stating some of your homeownership goals to simply introducing yourself to the seller, and they might play a significant role in helping your offer stand out from others – if they’re crafted carefully, that is.

At Primary Residential Mortgage, we’re happy to help with a wide variety of mortgage services, from offering the best mortgage rates in town to assistance with mortgage checklist items, the types of loans available to you, and much more. While part one of our series went over the types of sellers out there and how a cover letter might impact them, today’s part two will dig into a few specific needs you might already be aware of with a given seller, plus how you should tailor your cover letter to speak directly to these needs.

Speedy Closing Need

One of the most common seller needs out there, especially in today’s market, is a need to close the deal quickly. Perhaps a seller has another home they need the cash to close their purchase on, or maybe they’re moving to a new location for a job that requires a specific start date.

In these situations, you and your agent will often know about this need well in advance. Your cover letter, then, should include specifics on how you can accommodate that need: Your ability to pay cash or provide proof of mortgage approval, for one, plus your general ability to close quickly by limiting timelines for things like appraisal or inspection.

Choosing Closing Date

In other situations, timing may be a concern for the seller in slightly different ways. They might need more time in some cases, such as if they’re still on the market for their own new home. As long as it’s no skin off your back, we recommend notifying these sellers in your cover letter that you are completely fine with them setting the closing date, plus working with them as-needed. This may separate you from other offers that are not so willing.

Previous Issues

Finally, you may run into sellers and agents who have already been through some bad experiences with this property. Maybe a previous contract fell through, or perhaps a prior buyer wasn’t pre-approved and had to back out. In these cases, sellers are often primarily looking for a buyer they’re confident won’t run into any of these issues – so emphasizing that you’re fully approved (or can pay cash) will go a long way.

For more on why and how to write cover letters for a home offer, or to learn about any of our home loan services, speak to the staff at Primary Residential Mortgage today.

*PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Opinions expressed are solely my own and do not express the views of my employer.