Image courtesy of Flickr, David Long
Open houses are to the real estate world what live TV is to media: you never know what will happen with either.
When an agent conducts a private showing of your home for sale, they have control over most of what happens during said showing. But once you bring in the public in an open house situation, anything can - and does! - go wrong.
Here are some open house horror stories that have really happened to our readers.
"Sadly, my client was ripped off during an open house a few weeks ago," says Philip Mandel, an Oregon real estate broker. Mandel explained that a man came in and identified himself as a potential buyer. The man came with no agent, although he said he had one. This so-called "potential buyer" flew through the house very quickly and then left abruptly, says Mandel.
"A few days later, when the [homeowner] came back after some medical recuperating elsewhere, she discovered that two bottles of medicine were missing - Oxycodone and Vicodin, both narcotics." Although the homeowner hid her pain medicine, she apparently didn't hide it well enough.
Well, cats really. Jamal Asskoumi, agent and owner of CastleSmart.com tells the tale of too many tails.
"We once held an open house for a seller who owned several cats. We're talking 10 upwards," says Asskoumi who kindly advised his client to take the cats to the garden during the open house.
If you guessed that the homeowner didn't care for that idea, you'd be right. "The seller did the exact opposite; he put all the cats in the living room," says Asskoumi. His pleas to the homeowner to remove the furry felines were declined. And then the viewers started arriving.
Asskoumi summed it up mildly: "The open house did not result in a sale."
This next story is from a closing, not an open house … but it could just as easily have happened before an open house.
It was Jeffery Saad's first year as a Los Angeles real estate agent, and he was ready to close the sale on a condo. "I walked into the unit to find water raining down from the unit above … literally like a shower," he says, explaining that the washer/dryer hoses burst in the unit above.
Besides the obvious setback of a water-drenched home, Saad pointed out that buyers could cancel the sale now if they wanted. But there was a solution.
"I immediately got on the phone and got a company to come out with dryers. They ‘cooked' the unit for three days straight. Because we caught it so fast, nothing was ruined. The ceiling was not stained, and everything was back to normal." Saad did disclose to the buyer what happened, but when the buyer came in, the problem was already solved.
Just as there are horror stories regarding open houses, there are some definite perks that come with the territory, which Saad can attest to.
Keep in mind that Saad is an L.A. agent. "There I am in a Bel Air open house," says Saad who noticed a woman kneeling down to better see the fireplace. "I kneel down next to her and chime in about how the tiles are handcrafted originals." The woman then tells Saad how much she loves them.
"I became almost frozen after hearing her voice. It was a one-of-a-kind voice that could belong to nobody else."
Who was it?
Demi Moore. "I smiled, probably quite awkwardly, and stood up. I turned around, and there is Ashton Kutcher!"
Many agents don't host open houses anymore, and if they do, many do so reluctantly. There are just too many things that can go wrong. If you're a buyer, you can make the open house process go smoother for everyone involved by following some basic manners.
Some more considerations: Don't bring food or drinks inside, don't use the bathroom unless it's an emergency, and make sure your shoes are clean before coming in.
An open house can be a great way to sell your home. And you never know who'll show up, from a movie star to a looky-loo who could steer the future buyer to the home. Just make sure you make arrangements for your furry friends, and lock up any valuables (or medicines).
Real estate agents receive commissions from home buyers and sellers, collectively earning over $50 Billion per year. Learn how commission amounts are set, who pays them, and how they work in this article. Read more.
List of secured property tax rates for all counties of California fiscal year for 2014-2015. Read more.
If you live in California and are over the age of 55 you can effectively reduce your property taxes when buying a new home. Read more.
Houston Vs. Dallas? If you are considering moving to either of these major metropolitan areas, we've created a resource to help you make the decision process a little easier. Read more.
You've heard the term used before, but what does loan closing mean? Find out all you need to know about the process. Read more.
Whenever there is money to be made or money to be spent, some unscrupulous folks will take advantage, trying to game the system or commit all-out fraud. Read more.
Foreign real estate investment in the United States, both commercial and residential, is a huge phenomenon that is only expected to accelerate, maybe even to skyrocket, in 2016. Read more.
In this article, we explore how homeowners insurance works and what happens in the event of a house fire. Read more.
Your DTI is used by mortgage lenders to determine whether you qualify for a loan, and if so, for how much. Improve your DTI with these 16 tips. Read more.
In this article we explore some creative financing options for your next home purchase. Read more.