Making an offer before the open house

[Anonymous]

There have been two that recently were under contract before the open house in my neighborhood.

I was hoping to go to the open houses as a nosy neighbor, but the 'under contract' signs went up days before and open houses cancelled.

I think if I were a seller I'd want the open house in a tight market for the crazy bid up. Maybe the offers were too good to refuse...

[Anonymous]

Some people learned from the last bubble not to offer over a certain amount. I don't think the sellers expect outrageous amounts. Presumably (big presumption here) people are not completely stupid.

[Anonymous]

We just did this in our neighborhood. We got in to see the house before it even went on the market, and made an offer the day it went on the market. Days before the open house. Not sure if any other agents even had a chance to show it to potential buyers.

I feel 100% certain that if our realtor didn't have a relationship with the listing agent, we would have been competing against other offers, if we could even get one in there in time.

We had been going to open houses fully aware that it was already too late at that point, but wanted to go anyway just to see different houses.

[Anonymous]

Anonymous wrote:We just did this in our neighborhood. We got in to see the house before it even went on the market, and made an offer the day it went on the market. Days before the open house. Not sure if any other agents even had a chance to show it to potential buyers.

I feel 100% certain that if our realtor didn't have a relationship with the listing agent, we would have been competing against other offers, if we could even get one in there in time.

We had been going to open houses fully aware that it was already too late at that point, but wanted to go anyway just to see different houses.

PP here. Also wanted to add that our offer was full list price, but not over. I don't think things are to that point yet. The sellers agreed to take our offer because it was otherwise very strong and met all of their requests.

[Anonymous]

We have bought and sold several homes. One rule of thumb in Real Estate is that the first offer is often the best (people look at neighborhoods they like for years) So make your offer and have it expire before the date. Have done this 3 times during peaks, and have gotten all three.

[Anonymous]

Anonymous wrote:Try offering without a buyers agent, this means the sellers agent will get all the commission esp. if you offer at the list price he/she will be more included to recommend to the seller that they take your offer. You do have some leverage, trick is trying to work out the best way and time to use it

We did this to get into Bethesda.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We just did this in our neighborhood. We got in to see the house before it even went on the market, and made an offer the day it went on the market. Days before the open house. Not sure if any other agents even had a chance to show it to potential buyers.

I feel 100% certain that if our realtor didn't have a relationship with the listing agent, we would have been competing against other offers, if we could even get one in there in time.

We had been going to open houses fully aware that it was already too late at that point, but wanted to go anyway just to see different houses.

PP here. Also wanted to add that our offer was full list price, but not over. I don't think things are to that point yet. The sellers agreed to take our offer because it was otherwise very strong and met all of their requests.

Friend is trying to buy a SFH in N Arlington each time they are listed at the last comparable 2-3 months a go and he has lost each of them in bidding wards way over list (list set as last comparable sales price). The last one was 50k over list on a mid 600k home to a cash buyer who didn't care about it appraising.

[Anonymous]

Anonymous wrote:Some people learned from the last bubble not to offer over a certain amount. I don't think the sellers expect outrageous amounts. Presumably (big presumption here) people are not completely stupid.

based on what I see and hear, you are being over optimistic

[Anonymous]

Went to an open house last weekend for a house that was already under contract (which I didn't find out until I'd already walked the house). My agent said that listing agents often do this for marketing (to get new clients).

[Anonymous]

Anonymous wrote:Went to an open house last weekend for a house that was already under contract (which I didn't find out until I'd already walked the house). My agent said that listing agents often do this for marketing (to get new clients).

They also do it in order to get back-up contracts.

[Anonymous]

+ 1 It is not 2009 anymore. If you love the place, and it is in a competitive area, do NOT wait till the open house. Educate yourself as to what the other houses in the neighborhood are going for and how long they stay on the market. I can guarantee the sellers have done their homework in this regard.

If you want to get the place for sure, suck it up and pay $500 for a pre inspection for peace of mind, and then waive inspection if no major problems have been found.

Waive appraisal if you can possibly do so, and offer over list price to make it more attractive. Especially if the comps have gone for over list.

Put a 24 hour expiration on the offer and you are likely to get it. I did exactly this recently and successfully got the house before the open house.