People who are trying to purchase a home will often try to get their offer on the home to stand out by writing a letter to sellers, especially when the market is competitive. While this might sound like a good idea, it’s one that should be avoided. There are far too many risks that come with these letters.
The home buying process is governed in part by the Fair Housing Act. This prevents discrimination from becoming part of the process. It means that buyers and sellers have to be careful that there’s never any information passed along that could be construed as being a violation of the act.
What’s wrong with these letters?
There are many things that a buyer might put into a letter that could cause the seller or their agent to be accused of violating the Fair Housing Act. An accusation of this could mean that they end up in court. Being found guilty of it could lead to a civil penalty of up to $16,000.
The only thing that sellers should consider when they’re trying to decide what offer to accept on a home is the terms of the offer. It’s a good idea that they stipulate that they won’t accept any letters or photos just so that there’s no chance of any claims that they violated the act.
It’s always best to work with a knowledgeable team when you’re trying to buy or sell a home. This can help to protect you during the process, which is especially important if you haven’t done this before. You must ensure that your rights are upheld and your responsibilities are met so there’s nothing that can come back to cause problems for you later.