Post # 1
Hi everyone, SO and I found a home that we would love to live in yesterday. We’re signing papers to put an offer in tonight but there’s an open house on sunday. I’m so worried there will be competition and I’ll be stuck in a bidding war espcially since we’re on a limited budget.
Also the seller’s broker said any offers would be 36hours irrevocable. My agent says it’s so once there’s an offer in they can call around to ask other people to see if they want to put in an offer!! Ugh i’m so nervous. We really really want this place and we’ve been searching for 4 months and have been to several places!
It’s only been on the market for 15days and the open house is on fathers day. Do you think less people would check the place out?
Post # 3
So few people make offers after seeing places at open houses. Most just go for free cookies and to peek in the neighbors’ place. If the agent is all “there’s already an offer!” they’ll probably scare people off more than get them to bid against you. I know when my husband bought our house we looked at one and had passed a couple on their way out. The agent informed us they had just made an offer and we just left – didn’t want to deal with it.
Post # 4
It depends on the area. DH and I went to some open houses when we were just getting an idea of what we liked. We were the only ones there. Realtors like to have open houses as a way of getting clients. I don’t think many serious buyers use them, since so many pictures are on MLS.
Post # 5
Agree re the purpose if open houses is for the realtor to get a client. Sometimes people make offers, but you can’t control that. Good luck!
Post # 6
We didn’t go to a single open house when we bought our house. We just set up showings for the houses we wanted with our realtor. Plus, more people will be doing family things with it being Father’s Day.
Post # 7
I bought my place though an open house. I saw the add online, went an checked it out myself then called my realtor. Easiest money she ever made. It did end up being a bit of a bidding war, but worked out for me thank goodness. The seller was a little crazy and money hungry though.
Should there be a open house pending you can just make your offer super competitive and give the seller 24 hours notice to decide, write that in. They it is up to them, guaranteed money now vs possible more money or nothing later.
Post # 8
@almostmrsj: I hope they’re like you!
@AB Bride: I fell in love with the pictures first on mls so I’m worried!
@Tinatiny1: I wish I could
@Mrs.KMM: I hope so!
@jmLL: noooo!. We put in the papers for a reply by 5pm tomorrow. I guess I’ll just have to keep my fingers crossed
Post # 9
10 people put in offers on the townhouse we just bought after the open house, so it’s definitely dependent on the area. Your profile says Ontario – is it Toronto? If so, Toronto is mad competitive (like here) and I would just put your offer in and hope for the best. Nothing you can do about it but hope for the best!
Post # 10
The agent is obligated to present all offers to the seller (unless the seller instructs to open all at once at a certain time or something like that). So put in an offer, make it tight enough you have time to negotiate and if they agree, get them to sign the papers (a recent court case – think it was Supreme Court but possibly not – said that email was enough) before the open house. They may refuse, wanting to see what else they get though.
Also minor pet peeve. Fewer people. Not less people.
Post # 11
@Tinatiny1: Homes don’t stay on the market beyond open houses here. If a house is still for sale after 7 days, something is either critically wrong with it (as even major fixer uppers get snapped up by cash investors) or wildly overpriced (and that’s saying something considering the condo next to us just sold for $100k over asking).
Post # 12
@crayfish: wow! That’s great news. Housing is a ibit slower in much of the country ( according the the recent economic stats I read, anyway), but i have heard of pockets that are a sellers market. The last few months were supposed to be an upturn.
Post # 13
when i sold my first house i listed it on a friday and had an open house on sunday. a couple that went through that open house bought it.
Post # 14
I’d say it’s a good sign that the house has been on the market for 15 days. In my area, houses are either snatched up immediately, or they sit on the market for months because they aren’t desirable for one reason or another.
We were actually in the same position as you two weeks ago. Put an offer in on a Friday and they had an open house that Sunday. They ended up getting several more offers and we didn’t get the house. The main difference is that that house had only been on the market for 3 days.
Best of luck! I know how nervewracking it is waiting to hear back.
Post # 15
Another offer came in today. We changed our offer and made it 5k higher bunot wasn’t good enough. They went with the offer. Thanks everyone for the support but I guess other people were thinking the same thing.