Open houses are one of the best ways to find a new home for your family.  If you want to know more about a certain neighborhood, schools etc., they are a great choice. With this in mind, you set off to attend an open house. Great, but do you know what you are going to ask once you get there?

For starters, you should know that asking the right questions at an open house is really important. Understanding this and doing a little preparation before going will help get more information about the property, which will help you make a better buying decision. With that being said, here are a few tips:

Have there been any offers for this home?

The answer to this question will help you gauge the amount of competition you have.   If other people are interested in the same property, you need to put up a better offer than them so that sellers are lured into conducting a deal with you rather than with other potential buyers.

One more thing to note: if any of the offers have been rejected, try to find out the reason as well. This should give you an insight into what the sellers wants and does not want, and accordingly, you can draft your offer.

How long have you had this house on the market?

If the answer is for the past few months then that helps your cause because they might be more willing to accept a lower offer than what the seller was initially asking.

Has the property been in escrow?

If the answer is a yes, you should know why. Maybe it was because of an appraisal issue or the house had a major damage that needed to be fixed.  Whatever the reason may be, try to get some reports so that you know precisely what the faults are and the kind of inspection you may need.

Why are you selling the house?

You may not be able to get an answer for this question every time, but if the agent lets their guard down, you might get the answer you’re looking for. Use this information for making an offer and deciding when to close.

Source: www.realestate.msn.com

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