The right questions can make the most of an open house

If you are in the market for a home, attending open houses is one of the best ways to see the type and style of home you are seeking in full 3D. It can be a great way to gather information and intelligence about various neighborhoods and quality of homes. Many people find their dream homes while visiting open houses. By asking the right kind of questions, you can get a lot more out of an open house in terms of specific details of a property which you may not get by simply walking through the house, seeing the staged decor or reading the property’s flyer. Agents and real estate experts recommend asking the following key questions to the listing agent while attending an open house.

When was the home listed? This will let you know how long the property has sat on the market. If it’s been a while, it could mean it is overpriced and you should consider making a lower offer. Also ask if this was the original asking price or if it has been lowered since it went on the market.

Have there been previous offers on the property? The answer to this question can help you build a strategy to negotiate if you are interested in the property. Reasons for rejection of any previous offers can help you prepare an offer that is more likely to be accepted. The frequency and number of people that have seen the house can give you clues about the competition you may face for the property from other buyers. Also ask if the house was under contract at any time after it was put on the market and the reasons it didn’t sell. Find out if a home inspection was done during this process and if yes, ask for a copy of the report. This will help you probe deeper about any issues that you must be aware or concerned about.

Why is the house being sold? Agents may give you a short and standard response to this question. But it helps to ask if the owners are relocating and if so, why and where to? This may help you determine the owner’s sense of urgency to sell. You can also ask if the owners are building a new home, moving to a bigger house, or downsizing because they became empty nesters. Any subtle clues or answers you get to these questions can help you determine if the owner is under any kind financial pressure and their timeframe to move out.

Do you have comparable sales data for the past three months? With the rise in short sales, foreclosures, price declines, and bank repossessions, the appraised worth of the house at the time of listing may not be the current value. Also, ask your agent to check pending sales of homes in the neighborhood prior to initiating any steps of the buying process.

Are there any additional costs or rules? You may be able to buy the house for a bargain, but the high homeowner association dues may be a deal-killer. Planned communities may have special regulations for parking vehicles and owning pets. Ask for a copy of the homeowner association’s manual.

Be sure to get the listing agent’s contact information and don’t hesitate to call back if you have any other questions. If the answers have any financial or legal implications, be sure to request a written response for your records.

If you need assistance, please consider a Realtor from Coldwell Banker Ackley Realty.  CBAR has Realtors that specialize in  assisting the buyer and are experts at property selection and negotiation.