1 house, 2 estate agents, 2 totally different prices?

Nine_Lives

I'm new to the house searching game really & have a question about this.

A few month ago there was a house up for sale - 2 estate agents, exact same photos, exact same price. I posted about it & you guys suggested a repossession.

There's another house for sale here, listed under 2 different estate agents. It has different photos on rightmove & 2 totally different prices. I think there's about £5k difference between the 2 listed prices.

Why would this be?

Anyone with any sense i would imagine would be wanting to buy through the cheaper EA.

Is it a simple case of one EA values at one price where the other values at another price? What happens when every potential buyer comes through the doors of the cheaper EA & nobody entertains the more expensive? Does the seller try push the other price or what?

Old_Git

the higher price could have been the original agent

Nine_Lives

We just went for a look at it today & both EAs have their boards in the garden. Why would the one with the higher price still advertise at that price?

If you had choice of buying something for £10 or the exact same thing for £5, you'd buy at £5 surely?!

G_M

Seller did not get a buyer via original agent at higher price.

He either switched agent (and old agent has not removed his board or online advert), or is now multi-agent, but has not told originalagent.

eddddy

Nine_Lives wrote: »

We just went for a look at it today & both EAs have their boards in the garden. Why would the one with the higher price still advertise at that price?

Hi Nine_Lives

If both agents have their boards in the garden, were the boards back-to-back? If so, this suggests a joint agency. As G_M said, one agent is not yet showing the reduced price.

If they were two separate boards (not back-to-back), are you sure there are not two properties for sale (e.g. two flats in a converted house)? These could have different asking prices.

It would be illegal to have two separate boards relating to just one property. As per TOWN AND COUNTRY PLANNING (CONTROL OF ADVERTISEMENTS).

Nine_Lives wrote: »

If you had choice of buying something for £10 or the exact same thing for £5, you'd buy at £5 surely?!

The differing prices are probably just a mistake, but your analogy doesn't apply anyway. A potential buyer will make an offer. There is nothing to suggest that the vendor will accept a lower offer via one or other EA.

Nine_Lives

They're not back to back but they're on the same post in the garden.

There are also not 2 properties for sale - the photos on rightmove by the 2 EAs are of the exact same rooms - same wallpaper, same layout, furniture in the same location etc.

hcb42

probably an error. E.g. price reduction and one hasnt updated yet.

AndyPK

its only a starting price or guide anyway.