Important Tips for home buyers going to an open house this weekend.

Reblogger Esko Kiuru
Services for Real Estate Pros

Good information for home buyers getting ready to visit open houses this spring. One of the key aspects is to get pre-qualified beforehand for a mortgage loan since many sellers won't even consider a purchase offer without one.

Original content by Gita Bantwal

Tips for buyers going to an open house this weekend.

1. The most important thing to remember is that the listing agent represents the seller and owes fiduciary duty to seller.

The agent will be friendly and ask you questions and answer any questions you may have.

The first thing you should do when you enter the house  is  mention that you are working with a buyer agent . If the agent agrees,  you can preview the house.  The agent does not have to honor business cards, you should ask them if they will do so.

 When it comes to new construction most builders in our area require the agent to accompany the buyer the first time. You can request your agent to call the builder in advance and ask if it is ok for you to go on your own.

There may be other buyers also looking at the house. If you love the house do not say too much in front of the agent or the other buyers.

If other buyers find out that you may be writing an offer and they too are interested, they may beat you to it and you may lose out on the house.

The agent at the open house will mention whatever you say to the seller and this may hurt your negotiation power. Do not say anything that you do not want the seller to know. Your agent may have explained buyer agency and how it works.

2. On the morning of the open house make a list of open houses you plan on attending and plan your route based on the time and distance of the homes. Read as much description of the homes as possible so that you will not waste time going to homes that do not suit your needs or are way out of your budget. I have had buyers come to my open house and their price range is half of what the house is listed for.

3. Here are ways to find out about open houses : 

    a.  Real estate agents advertise it in the mls. Your agent can email you listings of open houses in your area.The agent may also call the listing agent and inform that you may be visiting the open house.

   b. Agents  also advertise open houses on Craigs list, Trulia, ActiveRain, local newspaper,and major newspaper in the area.

   c. Many agents put up signs the previous evening. On your way home from work make a note of open houses and google the information to see if the homes are  affordable and have the amenities you need.

   d. Ask your friends to tell you if there are open house signs in their neighborhoods, if you are looking to move there. We often have people who have friends who want to move to the area.

4 Before you go to open houses this weekend, sit down with a lender and find out the amount you are qualified for. If you see a house you like, you will be able to make an offer and not lose out on the house. In many parts of the country the market has improved and we are seeing multiple offers.

 

Gita Bantwal is a Realtor with RE/MAX Centre Realtors in Bucks County, a Northern suburb of Philadelphia. You can view 1000s of listings on her web site www.GitaBantwal.com

She can be reached at 215-343-8200x124 or direct 215-275-8491 or via email gita01@aol.com

 Gita specializes in Active adult communities and is a Seniors Real Estate Specialist. She holds the ABR designation (Accredited Buyers Representative) and specializes in selling to first time buyers as well as move up buyers.Gita also hold the CRS designation , Certified Residential Specialist and the CDPE designation as well. Information about real estate market is deemed to be correct but is subject to errors and omissions and should be verified independently.. Opinion expressed by me or others  in my post and comments is not to be construed to be  legal advice.

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Rainmaker
177,110
Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

The dynamics or open houses and those who walk in are interesting. 

The realtor has to ask the key questions, because most people will not volunteer the info. 

Apr 25, 2012 08:12 PM #1
Rainmaker
1,511,353
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Authentic Feng Shui Expert

 "When it comes to new construction most builders in our area require the agent to accompany the buyer the first time."


Seems only right to me :)

Apr 25, 2012 08:20 PM #2
Rainmaker
921,793
Joyce Kelley
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

Here even as a buyers agent we act as Transaction Brokers, I work only with buyers altough I could work sellers, I don't. I like looking at houses and decor and the such so this works for me.

Apr 25, 2012 08:34 PM #3
Rainmaker
1,920,122
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Thank you for reblogging the post. I hope many buyers will read it and learn from it.

Apr 26, 2012 04:28 AM #4
Rainmaker
325,145
Esko Kiuru
Bethesda, MD

Erv, Laura and Joyce, thanks for stopping by. Gita's blog is a great guide to running a successful open house.

 

Apr 28, 2012 10:59 AM #5
Rainmaker
325,145
Esko Kiuru
Bethesda, MD

Gita,

It's such a fundamentally important blog that will help many home buyers better understand the process and also be a refresher for real estate agents.

Apr 28, 2012 11:03 AM #6
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Rainmaker
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Esko Kiuru

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