#1 thing to beware of at an open house.
The name on the ” for sale” sign in front of the house has taken an oath to represent the seller’s best interests in the transaction.
They, or someone affiliated with them will be hosting the open house.
The seller is paying them. They represent the seller. If you are not the seller, they are not your friend.
This is important:The best practice is have your agent reach out to the open house agent before you drop in .This is important:
The seller’s listing agent will most likely be on the premises. You should always seek out your own representation. While agents work together all the time and a seller’s agent will pay the commission of the buyer’s agent, by meeting the seller’s agent and asking questions of him/ her before your agent contacts him/ her to establish their working arrangement, you have put both agents, and yourself, in a very precarious situation. When you go to an open house without a buyer’s agent most often if you decide to purchase the house, the seller’s listing agent will work with your agent but not pay your buyer’s agent’s commission.
The best thing you can do is find a good agent to represent you. Be honest and tell them you are in the ” just looking stage”.
Ask them for an open house list, tell them which ones you’d like to visit, and allow them to put a friendly call in ahead of you ” just looking” at the open house.
In this way, you allow someone you trust to have your back , at no cost to you, when you buy your dream home.
If you haven’t selected a buyer agent – how do to protect yourself if you are curious to see the house? If you attended the open house without a buyer’s agent, you might feel obligated to work with the seller’s listing agent, but it’s common practice for buyers to have their own agent representing them. So, always tell the agent at the open house, that you have an agent who will be contacting them. You aren’t required to provide any information about your agent, nor are you obligated use the real estate agent who was hosting the house. Doing this will give you the opportunity to have your buyer’s agent’s commission paid for you.
Do you need a buyer’s agent to view an open house?
Most real estate agents recommend, even when dropping in to view an open house, that you have your agent call ahead of time. Buyer’s agents are used to people bringing them a list of houses and calling ahead for an open house, or to set up an appointment to view privately.
If you are working with an agent, it is always the best idea to do so. It is never a good idea to have your agent out of the loop.
It’s always best to keep your agent informed. In most instances, if the buyer’s agent is out of the loop, you have inadvertently tied their hands and disallowed them from doing their job effectively. So, let them know you’ve found a place. They can start making inquiries. If you don’t have an agent, don’t necessarily pick a friend or relative that is an agent, but instead, find someone with experience that you can absolutely trust .
Every good seller’s listing agent will recommend that buyers always find their own agent, because it’s not up to a seller’s agent to represent your interests.
Remember, when you pull up to an open house:
The name on the ” for sale” sign in front of the house has taken an oath to represent the seller’s best interests in the transaction. They cannot lie to you, but they also aren’t able to ‘fight’ for you, because they can’t fight for the buyer and still represent the seller’s best interests.
The real estate market is based on cooperation between realtors. Buyer’s agents and seller’s agents work together, no matter what company or brokerage they work for.
The best thing you can do is find a good agent to represent you. Be honest and tell them you are in the ” just looking stage”.
Ask them for an open house list, tell them which ones you’d like to visit, and allow them to put a friendly call in ahead of you ” just looking” at the open house.
In this way, you allow someone you trust to have your back , at no cost to you, when you buy your dream home.
See more about picking the right buyer’s agent for you.