Defensive Homebuying 101: Know how Open Houses can hurt you?

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Is Nationwide Open House Weekend (NOHW) the Realtor’s version of Black Friday? Hardly. Instead of deep discounts to get you to shop early, some consumer advocates say NOHW is “farce” that could cost uninformed homebuyers — see #4 in SmartMoney article entitled, 10 Things Open Houses Won’t Tell You.

If you’re a DIY homebuyer, who doesn’t “need” a buyer agent, do you know that signing into an open house this weekend could forfeit your ability to collect a commission rebate — up to 100% from the Real Estate Cafe?

Unfortunately, the turf battles in real estate extend beyond open houses, so before requesting an appointment through any real estate site, read this!  By definition a listing agent represents the seller, so you may inadvertently forfeit your ability to work with a buyer agent if you schedule an appointment directly with a listing agent!

Ironically, self-reliant, tech-savvy home buyers sometimes let their smarts get ahead of your financial self-interest, as our comment on this blog about “Facing multiple bids?” post cautions:

If you’re doing most of the work yourself, you could be getting a rebate back from a buyer agent who works on a rebate model. If you’re not, you’re rewarding the very system you are rightly criticizing. And for those DIY homebuyers who bypass buyer agents all together because they don’t need help, they are ironically giving the listing agent a double pay day, instead of creating getting cash at closing to reward themselves.

If you’ve got time between open houses this weekend, or anytime soon, we’d like to tell you more about our Defensive Homebuying strategies.  Just let us know if you’d like to meet online or off.  If there is interest, we’ll gladly host a Defensive Homebuying 101 class, again, online or off.

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