Visiting an “open house” in Chicagoland is fun, but the nature of an open house can work against home buyers. An open house is purposely casual, welcoming, and social. And because this kind of home tour doesn’t require an appointment or any pre-screening, the encounter with the agent feels very low-key and harmless. This can cause a buyer to share more personal information than they should!
Unless otherwise specified, the attending agent at an open house works for the seller. He or she is there to market the home, facilitate drop-in showings, and answer questions. The agent also hopes to attract a serious buyer, of course! In the meantime, the agent will talk to visitors and see if any of them could become potential clients.
The real problem for buyers comes from over-sharing their situation with the seller’s agent. If you decide to make an offer on the open house, anything you’ve said to the attending agent could be reported to the seller! This puts you at a disadvantage when negotiations start.
Here are a few things to avoid discussing when you visit an open house:
Your home buying budget. If you reveal the highest amount you’re able to spend, the seller can use this info in a counter-offer.
How much you love the home. Showing too much enthusiasm empowers the seller to push the envelope on price and terms.
Your urgency to buy. If the seller knows you’re motivated, he may leverage this to his advantage during purchase negotiations.
Your thoughts on the home. If you say the home is overpriced, needs work, or has lousy decor, the agent can relay that to the seller, and negotiations could have a rocky start.
Your personal details. Avoid sharing personal details like your career, income, household structure, future plans, etc.
During an open house, keep your questions focused on the property itself. Ask about things like recent home repairs, the age of the roof, utility costs, neighborhood amenities, and so on.
Whenever possible, it’s best to tour a home with your own agent! Your agent can dive deeper into the listing details through the broker-level MLS access, and protect your best interests!
StartingPoint Realty – serving Chicago Area home buyers since 2004!
When you’re preparing to buy a home, get expert help from StartingPoint Realty! We proudly serve home buyers throughout the entire Chicago area. We offer free, first-time home buyer seminars every month! Contact us for your free consultation!
Ryan Gable, Broker/CEO Starting Point Realty
Phone: 847.348.1154
Email: RyanGable@startingpointrealty.com
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