The answer is no! The percentage of homes that sell as a result of an open house is less than 2%.

How do homes get sold then if they are not being sold at open houses? When selling a home, you want there to be private showings. The majority of homes are sold when a buyer has a Realtor/Agent, requests an appointment, and tours your home privately. The crowd that an open house attracts is more than likely not going to be the crowd that is going to purchase the home. Would you want people walking through your home that cannot afford to buy it? Of course not! It’s also next to impossible to screen open house attendees to ensure they are qualified to purchase the home. If your home is still occupied during an open house it may, although rare, increase your exposure to possible theft and other security issues. When a licensed agent has a private showing of your home with a potential buyer, that agent must log in to an electronic lockbox before entering your home. That information is recorded and given to your listing agent immediately. Should there be a problem, and they are statistically very rare, the recorded info will help in finding a source of the issue.

ABSOLUTELY! Home inspections are used to provide an opportunity for a buyer to identify any major issues with a home prior to closing. Your first clue that a home inspection is important is that it is used as a contingency in your contract with the seller.

In California the RPA/Residential Purchase Agreement defaults to protect the buyer for 17 to 21 days. During this period if for any reason you decide not to move forward with the sale you can back out. You are however still responsible for any inspection fees for services you ordered and an appraisal fee if it was completed by your lender. You cannot be “forced” to buy a property. Once you have completed your inspections and appraisal and want to move forward, you will need to sign a “Release of Contingency” document that states you are ok with the property, it’s condition and are confident with your financing to close the escrow. Should some problem or life event arise that makes the sale not possible after this you can still pull out of the sale. You will however now be in breach of your contract and the seller may be entitled to keeping all or part of your earnest money deposit to cover monetary losses they have accrued.

A home equity line of credit is a loan in which the lender agrees to lend a maximum amount within an agreed period, where the collateral is the borrower’s equity in his/her house.