Open houses are a great way to view homes and with some luck, find the home that you are going to buy.¬† There is a lot of information that can be gathered at open houses, you can gain a sense of the neighborhood, view other homes in the area and meet different real estate agents that you may end up working with.¬† But there are some particular questions that you should ask when you visit an open house.
- The first questions that you should ask the agent in charge of the open house is whether they have had any offers on the home.¬† This will let you know if there is any competition for the home.¬† You should also ask whether the seller has refused any offers and why.¬† This can help you submit an offer that will be competitive and that the seller may accept.
- You should then ask the agent if the home has ever entered escrow since it has been listed.¬† If it has and is still on the market, there may have been some issues with the home.¬† You should ask the agent why it is back on the market.
- The next question that you should ask is how long the home has been on the market.¬† If it has been listed for a while without receiving any serious offers, the seller may be willing to take less than the asking price simply to move on.
- Next, you should ask the agent why the owner is selling the property.¬† You may not get an answer on this question, but the listing agent may let some important information slip.¬† You can then use this information to base your offer on.¬† If the seller is planning on moving soon, they may be in a hurry to unload this home which can be beneficial to you.
- You should also ask if there are any liens on the home.¬† Finding this out early will help avoid any unnecessary surprises as you get further into the negotiating process.
- You may also want to ask the agent if the home is going to meet the expectations of a lender.¬† You may also want to find out if they have any comparable listings that have sold in the area in the last 90 days.¬† With so many homes owned by banks, it isn‚Äôt always a given that the home will appraise at the listing price.
Purchasing a home is a big decision, the more information you can gain during an open house the more prepared you will be when it comes time submit an offer.¬† Agents expect visitors to ask questions, and they are likely willing to answer any that you may ask.