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4 Comments

  1. John Elmgreen
    September 22, 2021 @ 10:08 am

    Hi Neil, The “love letter” thing was interesting! I can say that sort of psychology also applies to classic cars. The seller above all wants it to go to a “good home”. – John

    Reply

  2. Kara
    September 22, 2021 @ 11:06 am

    Yes it does work.

    In my complex of 5 villa units (1×3 and 4×2 bedrooms), 3 were sold last year by the original owners. They had originally built them, then lived and raised their family for some years in the 3 bedroom unit. Later they moved out and kept 3 units for a long time as investment properties.

    Last year they sold up to pay for nursing home fees. The purchaser of the 3 bedroom unit is a single mum of teenagers whose husband had divorced her after she developed a degenerative health condition.

    She had limited funds and wanted secure housing for herself and her boys. She told me recently how much she had paid and explained that she’d written to the vendors outlining her situation.

    In spite of receiving a number of much higher offers they accepted hers. I’d estimate a $50000 discount on the market value.

    In my view this is an ethical tactic only where it’s genuine, not just a ploy to trick vulnerable sellers into a low sale price.

    I wonder if that’s what’s prompted the legislative change in Oregon state that you mentioned. Namely to limit the damage done by unscrupulous buyers in cahoots with greedy agents ripping off unsuspecting vendors with fictitious sob stories, rather than protecting outraged prospective purchasers.

    Oregon is a particularly progressive state. So, unless the real estate industry has the legislature in its pockets I’d say that lawmakers there are unlikely to be wanting to inflate housing prices, thus disadvantaging lower income households.

    My guess is they’re more likely to be motivated towards discouraging lies and deception in the real estate industry.

    Reply

  3. Gary Stevens
    September 22, 2021 @ 12:11 pm

    Hi Neil, What a great idea! I feel love letters to owners, will certainly help both genuine and honest sellers and buyers.
    (Compassion!)
    Stay safe,
    Kind regards
    Gary Stevens

    Reply

  4. Mogan
    September 30, 2021 @ 10:01 am

    Hi Neil,

    It is an interesting idea. If it is genuine, I am sure owners will not mind selling at a lower price as a way of paying it forward.
    Kind regards Mogan

    Reply

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