Tell us: Is it time to end home buyer love letters?
R.I. legislators say they can lead to discrimination, while advocates argue they are a way for buyers to stand out.
When you’re home shopping in a market as competitive as this one and finally come across your dream property, you naturally want to pull out all the stops to secure it. For a long time, part of the song and dance of getting a homeowner to hand over the keys to you instead of someone else was writing a gushing letter explaining that the home would be best left in your hands.
But are “love letters” to homeowners necessary to get your dream home, or is it a practice we should phase out? A state legislator in Rhode Island thinks it’s time to do away with them entirely. A new bill would ban the practice by prohibiting sellers from accepting love letters when deciding on offers for a home.
Rhode Island legislators argue that the letters can lead to discrimination in the housing process by swinging the sale in favor of the seller’s personal biases. Oregon made the move for similar reasons, and some real estate agencies in Massachusetts are already making policies against it. On the other hand, advocates argue that the real estate market is tough enough without taking another tool away from desperate buyers.
We want to know: Do you think “love letters” to homeowners should play a role in the house-hunting process?
Let us know whether you’ve ever tried to close on a home by writing a passionate plea to the seller and, if so, whether you were successful. Whether you’ve written a letter yourself or know of the practice, tell us whether you think they should be banned. We may use your comments for a future article. Fill out the survey below or e-mail us at [email protected].
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