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Goobster
:)
Member since 5/07 27557 total posts
Name:
:)
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Re: Who has bought their home from attending the Open House
I am sure plenty buy that way. However, most interested buyers will call to get in ASAP if they really are interested IMO. For ex, we usually waited for open houses for houses that we really weren't totally interested in. We didn't want a private showing and didn't want to see those houses that bad, so we waited for the OH. But the 2 homes we have bought, we called the minute we saw it come on and made an appt to see asap. Our houses never even had open houses b/c we put in great bids both times and got the home before the seller even did an Open house. For our current home the seller cancelled the open house b/c she accepted our offer (tooo good to pass up) before the OH came up.
So I am sure it happens all the time but would I keep doing them if I didnt care for them? No. An interested buyer will make sure they get in to see your home.
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Posted 3/12/12 4:17 PM  |
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Prudential Douglas Elliman Real Estate
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Re: Who has bought their home from attending the Open House
Personally, I don't think their is a downside for a seller to have an open house. They do get traffic in the door (esp. in spring and summer) -- so how can more exposure be a bad thing? I wouldn't do one every weekend, but I think having an initial open house and then having one every month or so (esp. after price adjustments) makes sense. We recently had two listings in our office sell at open houses. And even if the nosy neighbors do come in to look at the house, nosy neighbors have friends, relatives, colleagues, etc. You never know how the right buyer will come your way. Plus, as someone else said, you have time to prepare and plan for it, and you may get 8, 10, 12 buyers in at once (instead of rushing around for a last minute showing for one buyer, which you often need to do as a seller). So it's a lot of bang for your buck!
From a buyer's perspective, I think it's foolish to just go to open houses and not work with an agent who can show you whatever house you want, at your convenience. As I've said before, if a brand new house comes on the market that you wan to see, you may wait a week or two for the open house, while another buyer will have their agent make them an appointment on day one and snatch up the house! Not to mention that not all houses have open houses, and some only have them rarely. Makes much more sense to work with someone who can show you several listings per appointment, at your convenience, and offer their expertise and guidance through the entire process!
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| Posted 3/12/12 4:20 PM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: Who has bought their home from attending the Open House
Posted by Goobster
I am sure plenty buy that way. However, most interested buyers will call to get in ASAP if they really are interested IMO. For ex, we usually waited for open houses for houses that we really weren't totally interested in. We didn't want a private showing and didn't want to see those houses that bad, so we waited for the OH. But the 2 homes we have bought, we called the minute we saw it come on and made an appt to see asap. Our houses never even had open houses b/c we put in great bids both times and got the home before the seller even did an Open house. For our current home the seller cancelled the open house b/c she accepted our offer (tooo good to pass up) before the OH came up.
So I am sure it happens all the time but would I keep doing them if I didnt care for them? No. An interested buyer will make sure they get in to see your home.
I see your point and it makes sense but I still believe (for me) that isn't the case. And if there's one of me, there are more! lol
We were VERY interested in "Most" of the homes we saw at OHs. Some of them we would just drive by and say - Nah it doesn't look like the kinda house we are looking for but when in anyway and was wowed by all the interior work, size of the rooms, etc etc.
I dunno... I guess it's like anything else. Everyone has their own opinion. But personally... as much as OHs are a PITA, I did them very often at our old house and it worked for us.
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| Posted 3/12/12 4:24 PM |
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LIMOMx2
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Member since 5/05 24989 total posts
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Re: Who has bought their home from attending the Open House
We bought both houses from an Open House and our house got 2 offers from an Open House.
We really only went to Open Houses.
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| Posted 3/12/12 4:38 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Who has bought their home from attending the Open House
So everyone that goes to OH, do you have a buyers agent or not?
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| Posted 3/12/12 5:55 PM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: Who has bought their home from attending the Open House
Posted by Serendipity
So everyone that goes to OH, do you have a buyers agent or not?
Not always no. And sometimes that's better on the sellers behalf - price wise
DH didn't on his first house. We did on the house we are in now. But that's bc he was a family member and he sold our house for us so we promised to use him to buy. Idf that wasn't the case, we would have done it on our own the 2nd time as well. Better price negotiations that way. 1 less person to pay in the end
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| Posted 3/12/12 8:48 PM |
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allIwant
Love my crazy life!
Member since 1/10 9170 total posts
Name:
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Re: Who has bought their home from attending the Open House
We did! Friends of ours lived a few blocks away so we made a day of it and went to see them too. We wound up loving it and then they went and checked it out too.
We went to alot of open houses or should I say DH did. I was pregnant and on modified bedrest so he would often go check out the houses first in an open house to see if it was worth me going.
good luck selling!
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| Posted 3/12/12 9:12 PM |
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-Lisa-
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Member since 5/05 6530 total posts
Name:
Lisa
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Re: Who has bought their home from attending the Open House
We bought from an open house. We were in the neighborhood checking out another house of interest and figured we'd stop by just for kicks (the house was grossly overpriced and therefore out of the price range we were considering so we wouldn't have ever made an appt to see it). We fell in love, and the rest is history...
(we had a buyers agent - he was not with us at the open house)
As a buyer we went to a lot of open houses. I like them. I like just being able to stop in and out, without an appt or schedule. I liked seeing houses we maybe wouldn't have otherwise seen.
As a seller, I was encouraging an open house. Our agent wasn't so into them. He held a broker open house the first week but we never got around to a public open house since we accepted an offer.
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| Posted 3/12/12 9:14 PM |
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Re: Who has bought their home from attending the Open House
Posted by PhyllisNJoe
Posted by Serendipity
So everyone that goes to OH, do you have a buyers agent or not?
Not always no. And sometimes that's better on the sellers behalf - price wise
DH didn't on his first house. We did on the house we are in now. But that's bc he was a family member and he sold our house for us so we promised to use him to buy. Idf that wasn't the case, we would have done it on our own the 2nd time as well. Better price negotiations that way. 1 less person to pay in the end
In most cases, it actually doesn't matter to the seller at all if there is one agents or two agents to pay. Typically, at the time the seller gives the listing to their listing agent, they negotiate the commission the seller will pay the realtors at closing.
Then, of that total commission, the listing agent offers out a part of that to a selling agent who may bring a buyer. So if the listing agent negotiated a 5% commission with the seller, for example, the listing agent will either pay out part of that -- say 2% -- to a cooperating selling agent (and the listing agent keeps the remaining 3%) or keep the entire thing to themselves. So from the seller's standpoint, they don't care. They are paying 5% no matter what -- it's just a matter of whether 2 agents split it or 1 agent keeps it. (I have heard of some agents structuring listings such that the seller pays a lower service fee if the listing agent sells it himself, but that is the rare exception, not the rule.)
Listings are placed on MLS precisely so that realtors can sell other agents listings, which is to everyone's benefit. It wouldn't make sense to penalize the seller or the buyer for making use of the multiple listing service!
So a buyer without an agent is not, in most cases, going to get any kind of price break. Chances are, the buyer with his own agent who can negotiate in his interests, educate him on comparable sales, etc., is going to get a better deal than the buyer who deals only with the listing agent, who is legally and ethically bound to safeguard the seller's interests and get the seller the most money.
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| Posted 3/12/12 11:19 PM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Who has bought their home from attending the Open House
We didn't buy it that way but we sold our co-op to someone who first came to the Open House. They came back for a private showing but the initial showing was an Open House.
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| Posted 3/13/12 7:35 AM |
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Leeners
:)
Member since 5/05 4898 total posts
Name:
Eileen
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Re: Who has bought their home from attending the Open House
Posted by Century 21 Dallow - Christine Braun
Posted by PhyllisNJoe
Posted by Serendipity
So everyone that goes to OH, do you have a buyers agent or not?
Not always no. And sometimes that's better on the sellers behalf - price wise
DH didn't on his first house. We did on the house we are in now. But that's bc he was a family member and he sold our house for us so we promised to use him to buy. Idf that wasn't the case, we would have done it on our own the 2nd time as well. Better price negotiations that way. 1 less person to pay in the end
In most cases, it actually doesn't matter to the seller at all if there is one agents or two agents to pay. Typically, at the time the seller gives the listing to their listing agent, they negotiate the commission the seller will pay the realtors at closing.
Then, of that total commission, the listing agent offers out a part of that to a selling agent who may bring a buyer. So if the listing agent negotiated a 5% commission with the seller, for example, the listing agent will either pay out part of that -- say 2% -- to a cooperating selling agent (and the listing agent keeps the remaining 3%) or keep the entire thing to themselves. So from the seller's standpoint, they don't care. They are paying 5% no matter what -- it's just a matter of whether 2 agents split it or 1 agent keeps it. (I have heard of some agents structuring listings such that the seller pays a lower service fee if the listing agent sells it himself, but that is the rare exception, not the rule.)
Listings are placed on MLS precisely so that realtors can sell other agents listings, which is to everyone's benefit. It wouldn't make sense to penalize the seller or the buyer for making use of the multiple listing service!
So a buyer without an agent is not, in most cases, going to get any kind of price break. Chances are, the buyer with his own agent who can negotiate in his interests, educate him on comparable sales, etc., is going to get a better deal than the buyer who deals only with the listing agent, who is legally and ethically bound to safeguard the seller's interests and get the seller the most money.
We actually had 2 different commission rates - one if our agent sold directly, another if there was another agent involved. It was standard practice for him at the time so it definitely happens.
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| Posted 3/13/12 7:37 AM |
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Leb
LIF Adult
Member since 12/09 4166 total posts
Name:
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Re: Who has bought their home from attending the Open House
Posted by HisNoMore
I did. I put in an offer the next day.
Me too.
The house I bought had actually been for sale for months but never once had an open house, finally when I saw they were having their first we went and put in the offer the next day.
I like to go to open houses on my own time without feeling like I have to schedule an appt.
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| Posted 3/13/12 9:05 AM |
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caps612
In love with my little guys!!
Member since 8/10 5108 total posts
Name:
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Re: Who has bought their home from attending the Open House
We saw ours at an open house for the first time. We preferred going to open houses cause it felt like a low pressure and more comfortable way to see the houses. IF we didn't like it, we didn't feel bad walking out right away... and if we did we felt like we had more time to look at things and talk to each other without someone hovering around us!
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| Posted 3/13/12 9:16 AM |
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PhyllisNJoe
My Box Is Broken
Member since 6/11 9145 total posts
Name:
Phyllis
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Re: Who has bought their home from attending the Open House
Posted by Leeners
Posted by Century 21 Dallow - Christine Braun
Posted by PhyllisNJoe
Posted by Serendipity
So everyone that goes to OH, do you have a buyers agent or not?
Not always no. And sometimes that's better on the sellers behalf - price wise
DH didn't on his first house. We did on the house we are in now. But that's bc he was a family member and he sold our house for us so we promised to use him to buy. Idf that wasn't the case, we would have done it on our own the 2nd time as well. Better price negotiations that way. 1 less person to pay in the end
In most cases, it actually doesn't matter to the seller at all if there is one agents or two agents to pay. Typically, at the time the seller gives the listing to their listing agent, they negotiate the commission the seller will pay the realtors at closing.
Then, of that total commission, the listing agent offers out a part of that to a selling agent who may bring a buyer. So if the listing agent negotiated a 5% commission with the seller, for example, the listing agent will either pay out part of that -- say 2% -- to a cooperating selling agent (and the listing agent keeps the remaining 3%) or keep the entire thing to themselves. So from the seller's standpoint, they don't care. They are paying 5% no matter what -- it's just a matter of whether 2 agents split it or 1 agent keeps it. (I have heard of some agents structuring listings such that the seller pays a lower service fee if the listing agent sells it himself, but that is the rare exception, not the rule.)
Listings are placed on MLS precisely so that realtors can sell other agents listings, which is to everyone's benefit. It wouldn't make sense to penalize the seller or the buyer for making use of the multiple listing service!
So a buyer without an agent is not, in most cases, going to get any kind of price break. Chances are, the buyer with his own agent who can negotiate in his interests, educate him on comparable sales, etc., is going to get a better deal than the buyer who deals only with the listing agent, who is legally and ethically bound to safeguard the seller's interests and get the seller the most money.
We actually had 2 different commission rates - one if our agent sold directly, another if there was another agent involved. It was standard practice for him at the time so it definitely happens.
Exactly. That's how it worked for us as well.
I'm just going to say there is NO WAY a RE agent is ever gonna say you can buy a home without an agent so this is a convo that will go on forever. But to people who aren't agents - it's possible and it happens. We did and it worked out better on our behalf.
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| Posted 3/13/12 9:46 AM |
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summerBaby10
let's be nice
Member since 9/07 10208 total posts
Name:
Wifey
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Re: Who has bought their home from attending the Open House
We bought out current home from seeing it at an open house. We put in offer in the same day of the open house & another couple did as well. So they had 2 couples in a bidding war from their open house.
I personally love going to them & I would love to hold them if we were selling as well.
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| Posted 3/13/12 1:29 PM |
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