The home buying process can be stressful. A home can look beautiful but be masking expensive issues or hidden ownership fees. The good time to find out about all of this is at the open house, this way you can make the most informed decision about what you're getting yourself into.

 

Why do the sellers want to move / sell?

 

This is a variation on, “How motivated is the seller?”. I like this question because it will take the Realtor by surprise and is much more likely to get a complete answer. However, asking “Why” will give you far more insight into what the seller really needs and it might also tell you how urgent the sale is.

 

How long has the house been on the market?

 

If it turns out a home has been on the market for quite some time, you may be able to make an offer significantly lower than the asking price. On the other hand, if a house seems to be priced normally, but hasn't moved, you should try to find out why offers aren't being made.

 

Have you had any offers?

 

This will tell you about the competition you will face should you decide to make an offer of your own. Most buyers miss the fact that they are “negotiating” against two entities- the seller and the other potential buyers. You need to know as much as you can about BOTH. Putting these two questions together will tell you a lot about how your potential buyer competitors are reacting to this home. Bonus points are awarded if you get an answer to, “How much were those offers?”

 

How long have you been at this price?

 

And How long has the property been on the market?. A home that has been at a price for a long time might be right for a low offer. A home that has been on the market for a long time, but just reduced the price significantly might be a steal overlooked by others.

 

How does the price compare with others in the neighborhood?

 

Just by comparing the asking price to the price at which other properties in the neighborhood recently sold, you can find out a lot of useful information. If the price is significantly higher than other houses nearby, the seller may have unrealistic expectations. Theoretically the Realtor has intimate knowledge of the recent sales in the area and how they compare to the home you are viewing. Asking about these sales will tell you a lot about the seller’s negotiating strategy. Did they price high, low or right at recent comparable sales?

 

Beside price, is there anything else important to the seller?

 

Let’s not kid ourselves, price is almost always the most important factor to a seller. However, in a market where multiple offers are common, like today, other factors can make the difference between two similarly priced offers. It might be the length of escrow or the possession date. It might be the size of a down payment or a commonality of values. If this is a property you are thinking of buying, you will want to know the answer to this question.

 

Are there any issues with the home?

 

The seller is required to tell potential buyers about any known structural problems or code violations. It’s standard to ask for a written seller’s disclosure, so request one — and if you’re lucky, a talkative agent or seller might reveal more in person.

 

Can I have a disclosure statement?

 

I suggest that you ask for a disclosure statement. This will tell you about any issue the seller knows about, including any damages revealed by a property inspection. It will also reveal how old the property is, how long the seller occupied the home and a lot of other important information.

 

What appliances and features come with the house?

 

Most houses come with standard appliances - a refrigerator, oven, washing machine, etc, but not all of them do. Make sure you know what will be in the house come move-in day, or you might be sorry later. On the bright side, some sellers will throw in extras, from hot tubs to golf carts, in order to make their property more attractive. If you see something in the house that you would love to have, you can include it in your offer - maybe the seller will say yes.

 

What’s the seller’s timeline?

 

Sometimes sellers choose a buyer’s offer simply because of timing. Perhaps they want to sell quickly because of a job offer, or delay the sale so their kids can finish the school year.

The more you know about what the sellers want, the more easily you can work around it — and put together a tempting offer while getting a good deal on the price.

 

What will it take to buy this home?

 

I know, I know. You are thinking, “If I ask this question, won’t I tip my hand to the Realtor? They will know I really want the home!” First of all, if you really DO want the home, it isn’t a bad idea to let the Realtor know. Our job isn’t to trick you into paying too much for the home. Our job is to facilitate a mutually beneficial deal. If you ask this question you are only indicating that you are a serious buyer. Nothing more. You might even find out that you could buy the home for a lower price than you are willing to pay.

 

There you have it, some of the very best questions to ask at an open house. You are officially the best armed buyers in town. And, if you are curious, I am happy to answer any of those questions at my next open house.    Bring it on