Real Estate Offer Love Letters BANNED!

Oregon Has Passed A Law Against Offer Love Letters What Are Real
Estate "Love Letters"?

You read that correctly. The state of Oregon has made what are
commonly called "Love Letters" illegal - well, mostly anyway.
These are letters that agents create with their buyers to reach
out to sellers on a personal level. The goal is to connect with
sellers, outside the sterile language used in contracts,
disclosures and addendums. It is an opportunity for buyers and
their agents to try and leverage off of points of commonality
that a buyer shares with a seller. It often includes discussions
of the buyers lifestyle, employment, interests and even a photo
of the buyers. Until now, the composition of these "Love Letters"
in Oregon has been completely up to the buyer and agent to
decide.
What Are The Specifics Of The New Oregon Restriction On Love
Letters?

While these letters are not banned outright, this new law in
Oregon prohibits including any information that might reveal
characteristics of the buyer that are covered by the Fair Housing
Act. Despite what many believe, sellers are required to abide by
the Fair Housing Act guidelines when selecting an offer on their
home. So if you are the kind of person who really hates anyone of
Scottish heritage, it is illegal for you to reject an offer on
your home based on that fact.
So, is this a good thing?

Check out todays show for a more complete discussion of this
topic. Generally, I would rather leave it up to buyers and their
agents to decide what goes into the letter that accompanies an
offer. I have used these kinds of letters in my offers for
decades and I have found them to be very useful tools. While I
understand the idea of fairness in these offer scenarios - it is
important to understand that these letters are designed to
emphasize areas that work to the buyers advantage. If an agent
and buyer simply put everything they can think of into one of
these letters, they are not doing it right. Like most things, you
should do your homework to identify areas of commonality with the
seller that you can use in these letters. Anything that might be
prejudicial is avoided if you are crafting such a letter rather
than blindly tossing it into the mix. In my case, when in doubt,
I don't include information regarding my buyers that might end up
working against them. Which is, of course, the point of the
letter in the first place!
Where are these limitations currently in place?

Oregon is the first state to pass such a law, but not likely to
be the last. We should expect that other states will follow along
and implement similar limitations.


So how should we proceed in the real estate world relating to
these letters? Does it make sense? Do we want the government
limiting what a buyer and their agent might present in a letter
of this kind? Or, are we all better served by leaving it up to
those parties?


We will discuss all that and more in todays show!


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My goal is to share my insights and opinions relating to real
estate so that you can make the best possible decisions in
achieving your real estate dreams. If you are interested in
buying, selling or investing anywhere in Silicon Valley, Morgan
Hill, San Martin or Gilroy - I would love an opportunity to
discuss with you what I can do to help you get the best outcome
possible! Plus, I guarantee results.