I annoyed many people on Sunday. After an offer was accepted, I went ahead and hosted an open house. Why would I host an open house if I have an accepted offer? Isn’t it a waste of time for me and the prospective buyers?
Before you go huffing and puffing because you came to a condo too late, let me suggest to you this open house wasn’t wasteful for the buyers or the seller.
Why isn’t an open house after an offer was accepted a waste of time for buyers?
First, as a buyer, looking at property is never a waste of time! Every property you see makes you wiser about the market. How can that be bad? Several buyers learned the nature of the market, and the necessity to move quickly on properties. Don’t wait for an open house if you are serious about buying a home.
Not all buyers will like the property. In fact, the overwhelming majority of prospective buyers coming through an open house are not a match to the property. This is true of every open house everywhere. Going to open houses helps buyers shape the criteria list, narrow down the search and become more focused. It is likely you wouldn’t have bought it anyway.
Several times I was asked some version of the question, “What is the purpose of this open house?”
Remember, I work for the seller. It is my job to generate as much interest for her condo as possible. Even if we accepted an offer, who’s to say the buyers and sellers won’t have a falling out. These days, transactions are falling apart and often don’t close. This is why backup offers are commonplace. Another buyer can put an offer on the property, ready to be accepted by the seller, should the previous offer fall through. Between inspection, tight credit, and human indecisiveness, deals are fragile.
Lastly, and most importantly, wouldn’t you rather have a friendly face greet you at the property than a sign on the door that says, “open house canceled?” It was a pleasure greeting every single person who walked through the doors today. That’s what being a real estate agent is all about.
Learn your market, and don’t wait for open houses when you are ready to buy a home. If you want to learn about my listings before they debut on Multiple Listing Service, follow me on twitter @bostonruth or better yet, come join the fun at G+.
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