Things You Need to Ask in an Open House

To people who want to buy a house for sale, one of the things they do to find out how nice a house really looks and how well it is built is through an open house. Still, you can’t learn everything you need to know about a particular property through mere observation. If you are attending an open house, be sure to toss these questions out to the agent showing the property.

1.       “Why are the owners selling?”

More often than not, the real estate agent at the showing of a home dodges this kind of question. There’s no harm in trying so you might as well ask; who knows what the agent might accidentally reveal about the sale? The reason why you should ask is that this information can be valuable come negotiation time: for example, if the owners are selling because they are getting a divorce, this could be an indication that they need the money and that they are working with a deadline.

2.       “How long have the owners been trying to sell?”

A house that has been on sale for quite a while is losing value the longer it’s in the market. There is a chance that the homeowners will accept or at least consider an offer that’s not quite what they want for their home if the property has not received any offers yet.

3.       “How many buyers have made an offer so far?”

This question is for you to find out if you will be facing stiff competition for the house, as well as how many there are. Further your questioning by asking if the seller has rejected any offers to buy and their reason why. With this information, you can create a better offer for the seller to increase your chance of outbidding other buyers.

4.       “Is the house being sold with liens attached?”

Once you’ve finalized the purchase of a house, the last thing you want to hear is that it has liens attached to it. Make sure, before you get to the negotiation stage, that you ask the agent if there are any tax or construction liens to the house, and if the homeowner has any unpaid debt that will give you reason to worry about creditors or homeowner associations coming after the property.

5.       Will owning the property cost the buyer anything else?

If you are looking at a house, don’t forget to contact the homeowners association and ask about their rules and regulations so you’ll know if you have to worry about any conflict, such as with having a pet. For people who want to buy a condo for sale, you need to know right away about the association dues and the taxes and evaluations that you need to handle to own a condo. By finding out details like these, you are safeguarded from the shock of having to pay additional costs that you didn’t know about earlier.

Whatever you find out about the property, such as fees and liens, make sure to have them in writing. In addition, it’s always wiser to get a home inspector to see the house even if the seller or the agent has assured you that there are no major concerns that you need to worry about.