Make the most of an open house

Open houses give agents a chance to showcase a home, meet prospective buyers and chat with neighbors who invariably drop by. Many agents are eager to quiz open house visitors about their home buying plans. "How long have you been looking for a home? Are you working with an agent? Are you pre-qualified for a mortgage?" they ask. Why not turn the tables? An open house can be an opportunity for you to pump a local agent for some information about for available homes and the housing market.

Here are seven questions you might want to ask:

1. Are you the listing agent for this house? Don't assume the person on duty is the listing agent. Don’t assume that he or she is knowledgeable about the house or has met the sellers. He or she might be an assistant. If the assistant does not hold a real estate license, he or she is legally prevented from answering any questions about the house.

2. How long has this home been on the market? Unless the local market is unusually weak, ask why a particular home has become a "stale listing." Is it overpriced? Are there hidden defects? Was the home involved in an escrow that didn't close?

3. Have the owners refused any offers? If the offers were too low or had unacceptable contingencies or conditions, you want to avoid making the same mistake.

4. Why are the owners selling this house? Are the owners relocating out of state? Buying a newly built home that's under construction? Are they purchasing a larger or smaller residence? Information about the owners’ motivations and needs can help you match your offer to their priorities and consideration.

5. What furniture and fixtures are being sold with the house? If you like the home, this is a great time to ask whether the dining room chandelier, fancy window coverings and appliances are included. When you write the contract, be sure to list any of these fixtures or furniture, regardless of any prior conversation.

6. Are any special costs of ownership attached to the property? Is there a homeowner's association that levies dues and assessments? If so, who belongs to the association and who manages its affairs? Is the home located in a special property tax assessment district? If so, how much is the annual tax assessment and how is that money used? Is the home in a flood hazard zone? If so, how much are the annual flood insurance premiums? Are there any other hidden costs of ownership?

7. Are you familiar with other homes on this street and, if so, how does this one compare to the others? The host agent might know about very recent sales in the neighborhood or other homes that might be coming on the market. If the residence is a house in a development, the agent might be able to suggest remodeling ideas he or she has seen in neighboring homes.

I'm off to look at one more in San Jose before catching the 4:00 flight to my favorite place in the world. Hasta luego!