Of course a buyer can represent himself or herself. The law states that the other agent, if there is one, must disclose that the agent represents the seller's interest. The law mandates disclosure, not representation.
If anybody scorched me about my prior answer, I deserved it.
Cathy, again, I apologize.
Telling them that "my client just wants to get a steal and pay less" doesn't really seem compelling. Neither does saying, "Your house is such a cat box that it isn't even worth what I'm offering!"
I advice my clients to have reasonable expectations - I will help them learn why houses are selling around them at whatever prices, so they know what to expect, on both the buying and selling ends.
If you see a house that is better than any house in your price range, and the only thing you can tell the seller is, "I need you to accept less because I can't afford it otherwise," that may not really go very far. But if you can tell them, honestly, that you could have a better house at their asking price, but their house would suit your needs quite well at a lower price, you might be on to something.
The other thing about chasing houses where you feel the need to start off low is that while you're negotiating, the listing agent is often calling up agents who have shown it to tell them that the seller is softening on the price.
All the best,
Two things. If you are the buyer herself, which it sounds like you are, then know that the other agent is working only for the seller and not for you, which is why in Connecticut the law says that both parties must be represented. The same agent could do both, but most in the industry would agree that someone on YOUR side is best.
Second, an offer could be "insulting," but you are watching out for yourself, so that can't be your concern.
I wish you well, but I mostly wish you carefulness.
with a offer of full price (many sellers do this when they are insulted.)
I would ask your agent ...she may be able to tell you what is too
low or ask the sellers agent if they have already rejected any offers.
Some agents may tell the buyers agent what the sellers have already
rejected. Your agent should help you make that decision.
I agree with Don, the list price is not the basis to determine what you should offer. You need your own agent to determine an idea of what the home is worth based on the best sold comparable homes in the area. This will help you determine the Market Value.
More important however is what is this home worth to you? If you've been looking a long time and found the perfect home and others are also bidding on it, you should make an offer that reflects those conditions.
If this is your first weekend out, you like the home but you wouldn't lose any sleep over it if your offer was rejected or another buyer showed up with a stronger offer, your proposal should reflect these conditions and would likely be lower.
Many markets are changing right now, in my area we are seeing good properties get multiple offers and several are going over the list price. Others continue to sit on the market. A great local agent can help you see the specifics of your local market and the segment of the market this home is in.
I did a blog about home pricing and have it linked below. Best of luck.
Work with an agent. They can pull the recent history of sales that have occured in the area to give you a rough idea of the ratio of list price vs. sales price. That will give you an indicating of what the 'market behaviour' is and get you on the right track.
Plus, having an agent working for you as a buyer doesn't cost you a penny! Free advice and info because the seller pays them out of the commission...and they are on YOUR side, trying to get you the best deal and giving you the information necessary to make an informed decision.
Hope this helps!
Come on. Really. Honestly: Some sellers will be insulted if you offer a penny less than their asking price. Others will be delighted to get an offer 20% under their asking price. There's no way to know. So don't worry about it.
As for a % under the listing price: Wrong! Never, ever, ever make an offer on the listing price. The listing price may or may not be an accurate reflection of the value of the house. Make an offer based on what the house is worth. Either offer that amount or less--your Realtor can help you with your strategy. Your Realtor will do what's called a CMA -- a competitive market analysis -- comparing the house you're interested in to other houses that have recently sold. It's not a formal appraisal, but it's generally quite accurate. Once you know what the house is worth, then you make an offer.
Let the sellers be insulted by all the people who DIDN'T make an offer. They should welcome a serious offer, one based on true values made by a serious buyer.
Hope that helps.