Open House - Blessing or Hell?
Just in the past few weeks I became a witness of quite a few heated discussions in regards to the open house necessity. And I am talking about quite diversified media here - from Twitter to very animated office conversations. So, I thought it might be helpful to share some of my personal house buying experience through the open house.
About 7 years ago we were happily renting and dreaming to have our own house "one day". We were neither approved for mortgage nor had a slightest idea of the process.
One day we walked into an open house and fell in love with the property. I need to mention here, that the house was a total disgrace, about 100 years old, everything was broken and whatever was not broken - was painted in all sorts of ridiculous colors. But it was meant for us and we never regretted buying it.
We spoke with the selling agent (i wonder why she was hopping like a bunny-energizer when we said we had no agent, LOL) and agreed that we would call her and she would draft an offer for us next day.
Next morning I went to work, chatted with my colleagues and got a bucket of .... poured over my head. They were saying: "Do you know anything about offers? conditional offers? title search?" and so on and so far.... Long story short - we got a buying agent, and yet again never regretted it. She knocked down the price of the house, hooked us up with absolutely outstanding mortgage broker and fabulous home inspector and she was with us when were going nuts with doubts, nerves and emotions.
However the necessity of the buying agent was not the point of this topic. The topic was - here I am, the living proof of the fact that properties do sell of the open houses. There are certainly cons and pros, cons were all already discussed by my colleagues, as to the pros, there are quite a few:
1. "Seller has nothing to hide" - if seller is offering an open house, this is almost like saying - here is my house, come and see, all is good, I will even walk away, while you are there, as there is nothing I wish to conceal.
2. Neighbors - they can be annoying and horrible, but they are actually a huge selling force. Not only they will advise of the house for sail to all their relatives, friends and coworkers, but there were numerous times when they approached us after pre-viewing or showing just to make sure we knew that the seller was a designer / carpenter / plumber and we did not miss all the fabulous features. But, please, note - neighbors are willing to say something good only if the were allowed on the "premises", if there was no open house - neighbors comments might turn diametrically opposite.
3. "Enjoy the community" - showings are always booked for whatever short period of time, potential buyers are out of the car and back in. Open house gives you more flexibility - your buyers can wonder around, check out the neighborhood, look at schools, stores, coffee shops.
4. Selling agent on site - shall there be any questions in regards to that wall crack in the basement or water stains under the windows - selling agent can address them then and there rather then letting the potential buyer just walk away.
5. "It works" - houses do sell of the "open house" - see my story above!
About 7 years ago we were happily renting and dreaming to have our own house "one day". We were neither approved for mortgage nor had a slightest idea of the process.
One day we walked into an open house and fell in love with the property. I need to mention here, that the house was a total disgrace, about 100 years old, everything was broken and whatever was not broken - was painted in all sorts of ridiculous colors. But it was meant for us and we never regretted buying it.
We spoke with the selling agent (i wonder why she was hopping like a bunny-energizer when we said we had no agent, LOL) and agreed that we would call her and she would draft an offer for us next day.
Next morning I went to work, chatted with my colleagues and got a bucket of .... poured over my head. They were saying: "Do you know anything about offers? conditional offers? title search?" and so on and so far.... Long story short - we got a buying agent, and yet again never regretted it. She knocked down the price of the house, hooked us up with absolutely outstanding mortgage broker and fabulous home inspector and she was with us when were going nuts with doubts, nerves and emotions.
However the necessity of the buying agent was not the point of this topic. The topic was - here I am, the living proof of the fact that properties do sell of the open houses. There are certainly cons and pros, cons were all already discussed by my colleagues, as to the pros, there are quite a few:
1. "Seller has nothing to hide" - if seller is offering an open house, this is almost like saying - here is my house, come and see, all is good, I will even walk away, while you are there, as there is nothing I wish to conceal.
2. Neighbors - they can be annoying and horrible, but they are actually a huge selling force. Not only they will advise of the house for sail to all their relatives, friends and coworkers, but there were numerous times when they approached us after pre-viewing or showing just to make sure we knew that the seller was a designer / carpenter / plumber and we did not miss all the fabulous features. But, please, note - neighbors are willing to say something good only if the were allowed on the "premises", if there was no open house - neighbors comments might turn diametrically opposite.
3. "Enjoy the community" - showings are always booked for whatever short period of time, potential buyers are out of the car and back in. Open house gives you more flexibility - your buyers can wonder around, check out the neighborhood, look at schools, stores, coffee shops.
4. Selling agent on site - shall there be any questions in regards to that wall crack in the basement or water stains under the windows - selling agent can address them then and there rather then letting the potential buyer just walk away.
5. "It works" - houses do sell of the "open house" - see my story above!