Mortgage Research Network Podcast

Welcome to the Mortgage Research Network Podcast. Just a note that this podcast audio is AI-generated, but the article on which it's based was produced by people. Content is also reviewed for accuracy. And your hosts, Tim and Craig, are real people. Without further ado, let's get into today's topic.
I'm your host, Tim Lucas, editor of MortgageResearch.com and a former mortgage professional, and with me is Craig Berry, a mortgage originator with 25 years experience.
Hey everyone. Thanks for downloading the podcast.
Today we're talking about open house etiquette. I mean, how do you act when you visit an open house? Well, we received great advice from New York City real estate agent Alexandra goopta on this very topic. People might think they know how to act at an open house, but then they get there and are unsure.
Right. Open houses are basically the only time in modern society where it's totally normal to walk into a stranger's home and start opening their closets, and nobody calls the police.
And the process can be incredibly intimidating for buyers if they don't know the unwritten rules.
Hmm... so what are these mysterious unwritten rules people should know about?
Well, first things first. you don't need to knock or call ahead. The whole point is to just walk right in! Though I should mention, some first-time buyers feel uncomfortable doing exactly that.
What other preparation tips should people know before they venture out?
Well, getting pre-approved for a mortgage before you start house hunting is a must. If you're just perusing open houses for fun, it's probably not necessary. But you won't be able to make an offer without a pre-approval if you stumble on something great.
Yep, a realtor won't take you seriously without one. So what about the actual etiquette once you're inside? I think that's where a lot of people get nervous.
Well, buyers shouldn't feel uncomfortable opening closets or testing light switches during an open house. Agents EXPECT you to do this! It's like going to a test drive but being afraid to turn on the engine. However, stay out of personal drawers and medicine cabinets.
That makes so much sense when you put it that way. What about the agent hosting the open house. who are they really working for?
Ah, this is crucial. the hosting agent typically represents the seller, and they have a legal obligation to get the best deal for the seller, not you. So if you like the house, hire your own representation. If you don't have your own agent, it's like playing poker where the dealer is on the other player's team.
That's quite an eye-opening comparison. So buyers always need their own agent?
Well, here's the thing. while you don't need your own agent present at open houses, buyers who work with their own agent will probably receive better terms on the home, potentially including a lower price or bigger seller concessions. That's because your agent can spot issues that might affect the home's value.
Speaking of value, let's talk about making offers. What's the strategy there?
Well, you want to talk to your agent right away. Make the offer as soon as possible because you never know when the seller and their agent will review offers. You don't want to miss that cutoff. You also want to have your earnest money ready in case your offer is accepted.
That's really valuable insight about the timing. Any other crucial tips?
It's important to take detailed notes and photos during open houses. That sets you up to be happy with your decision long-term. And don't be afraid to chat with neighbors if you see them. they can provide invaluable information about the community that you won't find on any listing.
That's such good advice about talking to neighbors. Any final thoughts on making the most of open houses?
Yes. remember that beautiful staging you see? It makes the home more attractive. But here's the reality check. you're not buying the staging. Always ask yourself: "Can I see myself living here on a random Tuesday morning?" Because that's what really matters in the end.
That's really the bottom line, isn't it? Looking past the surface to see the actual home.
Exactly. And remember. while open houses are valuable tools, they're just one part of the home buying journey. The perfect house might be one that never has an open house at all. The key is staying informed, prepared, and true to what you really need in a home. That's about all the time we have for this topic, but we go into even more detail on the site. To learn more, go to Mortgage research.com and type open house etiquette in the search bar at the top of the homepage. We'll see you next time on the Mortgage Research Network Podcast.