What do we do as potential buyers at an open house?

Question

My husband and I are in the early home-buying stages and are planning to go to a few open houses this weekend. This is the first time either of us have sought a house to purchase, and we're wondering what we should be looking for when we visit a home? Is it usually a realtor or the homeowner showing the home? Can we take photos of the house? Do we just walk in the home or should we be greeted? Thanks for any advice!

Answer 1

First, go to your banker, taking with you a balance sheet Iwhat you own, and what you owe), and an operating statement for the past year (your revenues and expenses), and find out how much money you can get on a mortgage. Add that to whatever you have for a down payment, and learn what you can afford to pay. The bank may pre-qualify you for a loan of up to a certain amount, and it is useful to have a pre-qualification letter on hand when constructing an offer, as it will show the seller that you are serious.

Second, construct your list of properties to look at. Go to a realtor's web site, or realtor.com, and enter search criteria for what you want. You will wind up with a list of interesting properties When I bought a house before the web, I could check out a few dozen properties; after the web, I looked at hundreds. Also, check the newspaper ads for For Sale By Owner (FSBO) places, as these will not show up on realty web sites. (zillow.com is starting a service to list FSBO properties, I hear.)

Bring your clipboard and camera, knock, and walk in. Someone (usually a broker, but possibly the homeowner if it is a FSBO) will be there, and may show you around or simply invite you to look around. Begin by appraising how the house would work for you: does the layout suit, is the space appropriate, site okay, yard appropriate, et cetera. Typically there will be a data sheet describing the house, usually with copies available to take; if the house passes your basic sanity check, take one and read it. If you are still okay with the place, it is time to check out the systems. At the top of the list would be HVAC (heating, ventilation, and air conditioning), you will want to know whether the system is sound, meets your needs, and how much it will cost to run it. Second would be the condition of the roof. Also on the list: plumbing (supply and drains), electrical (panel capacity, suitable circuits and breakers, appropriate fixtures), communications (phone jacks, LAN wiring). When done with this inspection, leave the property and consult with hubby about whether it should be on your final list.

When you have settled on one you like, the next step depends on whether it is a brokered listing or a FSBO. For the former, go to your favorite broker and work with him to write up an offer; for a FSBO, you will need to do this yourself. (Suitable forms for such can be had at stationery supply stores, and if you aren't familiar with the process, I strongly recommend that you use one; you will never figure out all the details yourself working from scratch.) Your broker (or you, if FSBO) present the offer, and if the seller signs off, you have a deal. More usually, the seller will propose a counter-offer (usually wanting more money than you offered), and now you are bargaining. If you reach agreement, then your broker (or you) takes the agreement to an escrow company to make things actually happen. By the time you have finished the paperwork, you will have signed your name dozens of times. (Which is sad; it required six signatures for me to buy my first house, forty years ago.)

Answer 2

Usually you would be greeted by a Realtor when you get there unless it is a for sale by owner. I suggest you knock/ring before entering. Interior photo's can be a sticky issue because the person showing the property doesn't know if you are looking to buy the property or stalking it for a future robbery. Thus, I would ask the each person showing the property before doing so. Exterior photos are fine.

At all of the houses be sure to get a sellers disclosure form which tells you a great deal about the property. As for what you should be looking for usually depends upon the price range of house you are considering. If you are looking one the low end I suggest you look at the houses for the sake of space and picturing your "life" in the house. On mid range houses you can take home decor into consideration too. All I know is when I bought my first house, I knew it was the right one in the first 5 minutes. My guess is that you will have a similar experience.

Answer 3

Me and my Fiance have done this several times. IT's good to go see the home. Examine the home throughly. We got into 2 purchase transactions at different times and ended up backing out once we did the home inspection, coming to find out there was alot more about the house that we didn't like. Now bringing a camara, I never really thougth about that so I don't really know. If you do I would as the Realtor if it would be ok to take some pictures. If you do end up liking the house your looking at ask your realtor to set up a time where you can go check it out again on your own. Then you will be given a chance to really take your time and discuss things with your realtor. Like price, looks, features, etc... I hope this helps. Good Luck! ;)

Answer 4

It will be the realitor showing the house. Generally the homeowners are not there. Yes, you can take photos. You just walk in. The realitor should come speak to you although if someone is already in the house, she may have to split her time. Don't worry about it and just look around yourself.

Things to look for: are the appliances in good condition, especially the ones you will inherit, like the dishwasher? Do you like the layout? Is it convenient for your lifestyle? Does it seem well taken care of? Do you like the paint/wallpaper/carpet? If not, are you willing to put in the money and effort to replace them? Check out the yard. Find out about any homeowner's association rules and/or dues.

Good luck!

Answer 5

The realtor for the seller will hold the open house. Bring a camera, but usually there are pics on the listing material there for you.

Look for the things that are important to you in houses. Does it need off street parking? a pool? laundry inside or outside? number of bedrooms/bathrooms you need? fenced yard? no yard? What ever is important to you...

Mostly enjoy yourself and if your really interested, get pre-qualified with a mortgage company or bank and call another real estate agent to put in an offer on the house.

Answer 6

Remember you have the power. You are the one the homeowner wants in their home.

Yes. bring a digital camera. After a while the houses will start to blend. Look at every thing in the house. The Kitchen, bathrooms, and master bed room are the most important rooms. Look in all the closets, size, functionality. Does it feel homey as you are walking through.

If you like the house, bring back someone else the next time to look at it and get their opinion.

Good Luck

Answer 7

You will be able to tell right away who is showing the house.
If your interested in the house after you looked it over talk to the person in charge of the showing.
Things to look for:
age of the house, condition of the roof, condition of the siding and windows, check the landscaping to see things like the slope of the yard away from the home, condition of driveway.neighbor hood and their homes condition, convent location, yearly taxes,
insurance rate for the home, average heating cost, check the heating ventilating and A/C condition and age of it. Taste the water from the faucets, flush the toilets to see if they work properly, flip some light switches on and off. check condition of electrical service-age -fuze's-or breakers.check the basement for water stains on the walls. ask about city sewer or septic and city water or well water. ask if you can take pictures some won't allow that, but they should have a broucher for you to take. If you like the home but not the location it is not a good buy for you. Remember location, location, location

Answer 8

talk with the realtors at all the open houses you visit. you might just find one who you click with, and they can help point you in the direction of other suitable homes. they can be a huge help in your search, even if the particular house you are in doesn't suit you they may know of others. Any realtor who makes you sign a contract to work with them exclusively, I would steer clear, you want to keep your options open in case things don't work out. there are some greedy ones around.

Answer 9

What you have to do is not get "cheated" by the realtor or sales person.... he will try to tell you : "this house wont last".... hahahaha
try to see what were the last sales prices in the area in the last 6 months, dont let them decide the price, you are the one who picks the price. REMEMBER, if you make an offer ask the realtor or sales person to cover 100% of the closing cost, everything is about negotiation..... dont let the person who is making the offer for you (if you pretend to use one) tell you that they wont take the 100% for the closing cost.... remember, the sales person charges at least 6 points of the price of the house and divides that between him and the person you use to make the offer.... so, let them pay your closing cost......
e-mail me if you have any questions [e-mail]
and/or if you want to make an offer...... I can get you 100% financing and 0 closing cost.
I lend in 50 states
have a great day!!!

Answer 10

Get yourself an agent. You don't have to pay for it, and they will take you to homes that fit your criteria. They will also negotiate the deal when you are ready. Do not use the same agent, or one from the same as office as the house you are buying. They would not have your best interests in mind. As far as the open house, just go in and take a look.