Love Letters and Commitment in Real Estate

Right now, cash buyers
are keen to acquire
rental properties.

Right here and right now in Portland, Oregon, it can be a challenge to buy a "close-in," relatively inexpensive property (under $250K, in terrific shape, or a good deal, in contrast to the competition), if you are not an investor who is paying cash. There are just too many people chasing the same house, and the buyer with the deepest pockets and tiniest demands usually wins.

But, it still can be done...and you have to work with ONE committed realtor, like me, in order to find a home, get an accepted offer, and finish with a successful closing. 

A personal plea has won out over excess
cash more often than you think.

Remember, when competing with Portland investors for properties, the main reason a seller has for accepting a cash offer is that the closing is quick (time for an appraisal is unnecessary, for example), and less likely to fail due to the buyer not getting the funds together. But these reasons don't always match the most compelling motivations of sellers.

Your agent should always be willing to write an eloquent letter as part of an offer, which, if it describes your appreciation of the home and desire to raise kids/dogs/orchids, or play sudoku in the lovely garden room, or restore bikes in the awesome work space, might tug the heartstrings of a seller enough to forego a purely commercial transaction.  Does the seller want to see the home become a rental unit, or do they wish someone would buy it who will love and care for it as they have? The heart may yet win out over convenience.

Besides this, a real professional agent (like me) is going to present your offer in person, whenever possible, and have everything in order, all details fulfilled and included. The more comprehensive yet personal the offer is, the more likely it is to be noticed, taken seriously, and given the honor of an answer, in a multiple-offer situation.

The best agents waste no time to
find you the best opportunities. They only get paid
when you get the keys to your dream home.

So, it can be wise to choose a detail-oriented but also an emotionally gutsy realtor; yet it's just as important to be emotionally gutsy yourself, and commit to the process of finding a home.

As a buyer, if you spread your attentions out and "work with several people" you are really not getting the attention of one professional spending the effort to fit your needs with what is immediately coming onto the market. Buyers who are "working with a few people" aren't really working with anyone, at all.

People committed to working with a strong realtor get a professional's time and energy, up front, without paying for a thing. Their agent is a hawk for them: looking for pocket listings, and talking to other agents all the time to keep their eyes on every possible home that comes onto the market--sometimes, before it even gets to the regional listing service.

A buyer broker agreement is essential
to keep both heads in the game.

This is why some recent Portland buyers have been deeply frustrated to find that their perfect house has sold before they could even look at it. It may be sold to an investor, sight unseen, or it may be going to a buyer who is lucky enough to have their agent pro-actively hunting for their home and not just waiting for something to bob up on the listing service.


Don't miss opportunities for properties! Commit to a single realtor and work with her/him closely. It doesn't cost you, the buyer, a thing, so go ahead and choose one agent and sign an agreement to work with them...but do this only if you really want to find a home!