BluefoxToday blog

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

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.

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.

IF YOU WOULD LIKE TO SUBSCRIBE TO MY BLOG         CLICK HERE

_______________________________________________________________________________

Provided by: 

Esko Kiuru
Mortgage, real estate and apartment industry analyst 

www.BluefoxToday.com - syndicated mortgage, housing and property management blog

eskokiuru@gmail.com
My cell: 702-499-1006

Comment balloon 6 commentsEsko Kiuru • April 25 2012 07:29PM
Important Tips for home buyers going to an open house this weekend.
share
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. Tips for buyers going… more
FHFA nudges Fannie Mae and Freddie Mac into action on short sales
share
If there ever was a nightmare for Realtors in the last few years in the housing market it was the short sale. The psychology profession is still compiling data on how many man hours of sleep per night they lose during each short sale adventure but… more
US Housing Starts Drop 1. 1% In February, But Building Permits Rise
share
MORTGAGE LOCK ADVISORY March 21, 2012, 6:30 AM PST Click for Lock Advice Updated Several Times Daily Mortgage Interest Rate lock Advice for locks within 8 days: FLOAT Mortgage Points based on 3. 5%… more
Flipping Properties… Know The Lending Guidelines
share
With property values being as low as they are, many investors are taking advantage of this opportunity. Investors will usually purchase a distressed property, foreclosure, short sale, or a property that just needs a little TLC. This is referred… more
HOLY LOW AVAILABLE INVENTORY BATMAN: Las Vegas NV Area Market Watch…
share
**The Freefall Inventory Plunge Continues in Las Vegas!!! ** We are still squeezed for inventory. New REO listings are few and far between thanks to AB 284 with currently no end to that drama in sight. Multiple offers on well priced… more
What The New FHA Changes Mean In Dollars & Cents
share
On Tuesday and Wednesday of this week I wrote blogs on the up coming FHA changes "FHA Streamline Refinance Change" and "FHA Streamling Refinance Charts" I really should have titled the second blog "FHA Streamline &… more
Economic Conditions for the Las Vegas Valley March 2012 (includes…
share
Foreclosure/Short Sale Listings (2/15/2012): Total Listings 9180; Short Sales: 4156, 45% of all listings; Bank Owned Listings : 1703, 19% of all listings. Short sale and REO listings consume 64% of total listings &… more
Las Vegas NV Area Sold Terms & Trends January 2012 (includes…
share
Cash REMAINS KING in the Las Vegas Area Real Estate Market!!! It is important for every buyer in the Las Vegas Area Real Estate Market to understand who their buyer competition is in this currently competitive seller's market LV is… more
Las Vegas NV Area Pendings Report for January 2012 (includes…
share
Las Vegas Real Estate Inventory is seeing a major decrease as the aftermath of NV AB 284 Active listings are down again for the 14th month in a row! 2012 will be another interesting year for Las Vegas Real Estate Las… more
AM Update - FHFA Proposes Remaking Secondary Mortgage Market
share
MORTGAGE LOCK ADVISORY February 22, 2012, 6:30 AM PST Click for Lock Advice Updated Several Times Daily Mortgage Interest Rate lock Advice for locks within 8 days: LOCK Mortgage Points based on 3. 5% Mortgage Backed… more