Multiple bids became common over the last 18 months as competition for homes heated up. Many would-be homeowners decided to get personal, sending sellers "love letters" that described how much they loved the house, or why it would be the ideal place to raise their kids or their dogs — whatever would win the bid.
Redfin CEO Glenn Kelman evenrecounted how a Bethesda, Maryland homebuyer included in her written offer a pledge to name her first-born child after the seller. (He also said that homeowner lost the bid). I can attest to the popularity of this method first-hand, as a series on cover letters we published back in 2013-2014 continues to drive traffic.
But these love letters raise all sorts of red flags for those concerned about discrimination. Reporter Brooklee Han delved into the issue in her latest article, which focuses on the battle being fought over the issue in the Pacific Northwest. There are plenty of tricky issues when trying to parse what should and shouldn't be allowed if you are trying to prevent discrimination. Especially considering the amount of information that is already available to home sellers — who may have home surveillance systems like Ring, for example.
Real Estate, Brokerage, Politics & Money, HW+ Exclusive Content
Citing fair housing concerns, Oregon passed a law that bans agents from passing on real estate love letters on behalf of their clients. First Amendment lawyers say it's unconstitutional.
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Closing, Real Estate, Proptech, Real Estate Enthusiasts
Fractional real estate investment firm reAlpha announced late last week that it is partnering with Title First Agency to provide title and closing services on all of the firm's property acquisitions.
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