About Open Houses

HERE ARE A FEW FACTS THAT YOU WILL NEED TO KNOW BEFORE VISITING OPEN HOUSES:

1.  Open houses are routinely ran by the listing agent or another agent associated with the listing agent.

2.  Open houses rarely result in the sale of the home.  However, they are a great marketing device for the listing agent.

3.  It is not necessary for you to sign anything at a open house.  If you do it would be merely a courtesy.

4.  If an agent tells you that they are the only ones that can write an offer and you must make the offer via them, then ask them if it is an "exclusive listing".  If it is an exclusive listing then they are correct.  But then their allegiance is that much more with their obligation to the seller.

5.  Since you are a person that does not have a real estate license and the obligations that that entails.  You can ask the seller's representative, or seller directly, at the open house all of those questions that a licensed agent cannot ask themselves.  For example

• What is the Urgency for having to sell.
• Is the property in default (notice of default filed).
• Are the sellers willing to negotiate the listing price.
• What if I wanted the seller to pay for some of the costs involved in the purchase of their home?
• Have their been any problems with the property?  Example, broken pipes, mold, deaths on property, break-ins, other crimes, etc.

When you are ready to buy a home, do yourself a favor and let a Realtor do the work for you.  It is important that you have a relationship that is built on trust with whom you choose.  Test the water with this Agent by asking some of the most important and difficult to answer questions.  Such as, if I write an offer on a property with you and want to cancel escrow, is that a problem?  If I find something wrong with the property after the various inspections, what would you recommend?  If my lender says I can afford between 300K and 400K, in what price range do you think we should start looking?  Call us and we will tell you the best answers to the above questions.  It is important that the agent you chooses has your best interests at heart.