If you're attending an open house, you should use the opportunity to find out more about the property and have the information you need to make a good real estate investment decision. For ideas on what questions to ask at an open house, read the following post.
What Questions to Ask at an Open House
The Selling Process
First, ask about the selling process. Learning more about this can give you leverage during the negotiations (if you get to that step). To that end, you can ask:- How long has the property been on the market?
- Has it had any serious offers or potential suitors?
- How's the selling process going, in general?
The Seller
Information is power during a real estate transaction, so try to find out more about the seller or property's previous owner. This can also be helpful in negotiations. For example, inquire:- Were the previous owners senior citizens, a family, younger people?
- Why are they putting the place on the market?
- What is the timeline (to make a decision, move, etc.)?
The Property's Issues
No property is perfect. You need to be aware of the property's flaws so you can make the right decision for your investment. For this reason, you must ask:- What kind of problems does the property have?
- Do you have a home inspection report that I can see?
- Have you run a professional title search on the property's records?
The Asking Price
Take some time to inquire about the asking price. If you're interested in purchasing the place, you'll need to create a budget and asking a few of the questions below:- What's the asking price?
- Are there any conditions for the sale?
- What are the property's ongoing maintenance expenses?
The Neighborhood
It's highly likely that the property will be in a neighborhood. This can affect the place's value and your lifestyle. To learn more about it, ask:- What do you think of the neighborhood?
- What's nearby?
- How are the neighbors (noisy, young, old problematic, etc.)?
- Is this a safe neighborhood?
- What about transportation?
Your Behavior
Finally, ask about what you can and can't do during the open house so you can behave adequately. Ask:- Can I take pictures or videos of the estate?
- Can I measure the spaces?
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