Offer query on 130k

abbiejade3

I'm a first time buyer and I've spotted a house I'm interested in that was reduced to 130k 2 weeks ago. It was purchased in 2021 for 98k, the kitchen appears to have been slightly upgraded with painted doors and new sink but doesnt seem any other changes. 
2 bed semi detached with driveway and garage in North East. The garage has a flat felt roof unsure if its ever been replaced at this stage. House otherwise looks well maintained. 
I have a viewing booked but I'm interested in general opinions of what are reasonable lower offers please as 130k is the very top of my price range and I'd want to upgrade bathroom and stairs as they are open riser 
Thank you 

Devongardener

What was the original price?

abbiejade3

Devongardener said:

What was the original price?

Thank you for your reply I believe 140k when I've tried to look back but I'm going to confirm this, I'm meeting the seller for the viewing tomorrow I wonder would it be reasonable to ask them how much and why, or only discuss figures with the estate agent 
Its difficult on my own not wanting to say the wrong thing 😊
The house prices on the street range from 150k for a bigger 3 bed to 108k for a very similar 2 bed one with noticeably more modern spec kitchen and bathroom though just a shower and decorating needed upstairs to that one so a slight range 

Devongardener

It’s absolutely fine to ask the agent about the price reduction but not sure if I’d ask the seller directly .  It might come up naturally in conversation though.
You can ask them if they have found their next property, this might be the reason if they are being pressed by their vendor.   Maybe chat to the agent before the viewing to find out how long it has been on the market and get an idea of their situation.    This should help you get an idea of a reasonable offer.
There’s nothing to stop you from making an offer well under your budget (~£120k?) if it’s turned down you have room to negotiate,  stress the you are a FTB so can proceed quickly.  Good luck!

Albermarle

Seems odd that two similar houses are on the market at two such different prices- nearly 20% difference.
Even if the cheaper house is not for you, I would maybe have a look around it, to get as accurate a comparison as possible.

youth_leader

Whereabouts in the NE? Some areas do suffer with subsidence, do beware.  We moved up here from Twickenham in 1999 and were warned about previous mining communities, Monkseaton etc.

Good luck with your viewing today. 

twopenny

How long ago was the reduction?
If it's on Rightmove it usually gives a date.

There are often reductions at this time of year as more people are reluctant to move in winter or saving for Christmas.

Also how long has it been on the market before reduction? That will tell you if it's buyers have turned it down or if the owner is keen to move.

Also look at the neighbours. Barking dogs, ferral children or screaming adults. Evenings are usually best for a walk by and an early morning one too.

abbiejade3

Albermarle said:

Seems odd that two similar houses are on the market at two such different prices- nearly 20% difference.
Even if the cheaper house is not for you, I would maybe have a look around it, to get as accurate a comparison as possible.

Thank you for your reply, they were the ones most recently sold last year 108k in March 2024 and 150k in July 2024, maybe some negotiations or bidding competition then another one sold subject to contracts for 119,950 almost identical but no garage 🤯

abbiejade3

youth_leader said:

Whereabouts in the NE? Some areas do suffer with subsidence, do beware.  We moved up here from Twickenham in 1999 and were warned about previous mining communities, Monkseaton etc.

Good luck with your viewing today. 

Thank you for your reply thats a good point its in Spennymoor, Durham which I believe was too 
Thank you 🤞 it is my first one- could be the last or first of many! 

abbiejade3

Devongardener said:

It’s absolutely fine to ask the agent about the price reduction but not sure if I’d ask the seller directly .  It might come up naturally in conversation though.
You can ask them if they have found their next property, this might be the reason if they are being pressed by their vendor.   Maybe chat to the agent before the viewing to find out how long it has been on the market and get an idea of their situation.    This should help you get an idea of a reasonable offer.
There’s nothing to stop you from making an offer well under your budget (~£120k?) if it’s turned down you have room to negotiate,  stress the you are a FTB so can proceed quickly.  Good luck!

Thanks I'll definitely try get more out the estate agent they were quite vague on the initial call stating the house was listed earlier this year then taken down due to sellers change in circumstances then put back up, they said they believe the seller has found a house and there is someone that really wants the sellers house but they also need to sell their house 🤯 I think I would potentially aim around that mark but who knows what I'll make of it during the viewing I just wouldnt want to offend or equally go in with more than they were actually expecting 
Thank you 🤞 

theartfullodger

There are no rules or laws of what offer should be.  I offered more than 15% below offers over price, was rejected by vendor through agent in bluntest and rudest manner I ever experienced. Thanked agent calmly and politely.  

One week later exact same offer given, accepted.  Owned over 20 years...

Offer up to whatever it is worth to you.