When first time or potential home buyers go to an Open House, there is a list of questions that you should ask the seller’s agent. Open Houses will help you get a better feel for the property, while learning more about it in the process. These are the questions that are not answered on any of the databases and that you can only find out by being at the property.
Why is the home for sale?
How long has the property been on the market?
If you ask when the home was listed, you’ll gain insight into the house and the real estate market as a whole. The real estate agent can put the number of days in context for you while disclosing information about the amount of interest in the property.
Are there any major problems with the property?
Asking about any problems with the home will give you insights into when the property was last updated. Given that updates, renovations, and expansions can be costly, learn about the problem areas ahead of time, and then check them out while you’re there at the property.
What is the average cost for utilities for the home?
When you discover the projected cost of utilities for the property, it will give you a sense of whether you can afford the monthly payments and utilities will fit into your budget. Get the agent to show you the most recent bills to get a better idea of monthly expenses.
When are the sellers looking to close on the property?
Learning the timeline for closing on the property to find out what the sellers have in mind. If you know an offer could be chosen based on the desired time line, you could gain a competitive advantage if the owners want to sell quickly.
What are your unique needs?
Bring your interior designer or contractor to answer your specific questions. In a seller’s market, when properties move very quickly, it is a good idea to bring an expert with you to the open house. They will help you to inspect the property to see if there are ways to change or upgrade the home to better fit your needs. The contractor will advise you on the practicality and costs of the possible changes.
Prepare yourself before you go to open houses by getting pre-qualified for mortgage financing through providers such as AAA. Contact Louis Alfaia, Mortgage Consultant NMLS #1191100 from AAA Northeast Bank NMLS #179871 (Licensed in CT, RI & MA) about getting a mortgage pre-qualification, and about the next First Time Homebuyers Seminar in your area. Louis Alfaia can be reached at 617-756-6611 or firstname.lastname@example.org
We are committed to making your real estate experience the best it can be. If you would like further information, you can contact me at Emily@CentreRealtyGroup.com or 617-233-5043 Are there other real estate topics you would like me blog about? Please let me know.
Emily K. Beal Director, Business Development and Customer Experience