2 sale transaction recorded at the same day

Mr_owl

As title says I was trying to find out a little bit more about property I intend to buy and discovered it was sold twice at the same time. Land registry shows two transactions with different prices paid on the same day. The difference is over £10,000 around 6%. I find it really strange and I am a little anxious about it. I have never come across similar situation with any other properties I had looked up.

Does anyone have an idea what that might be?

user1977

How long ago was the last purchase?

I would guess it was a "back to back" transaction i.e. somebody's agreed a sale with a desperate vendor at a low price and has immediately resold it to somebody else, taking their cut.

Mr_owl

A little over 5 years ago. This is very worrying as I find it extremely unusual.

user1977

Mr_owl said:

A little over 5 years ago. This is very worrying as I find it extremely unusual.

Why is it worrying? I can't see what relevance it's going to have now.

MeandO

It could have been part exchanged by the original vendor to a house building company who then sold it on the same day. I did this on my last property and the transactions were later shown as listed on the same date. 

Mr_owl

user1977 said:

Mr_owl said:

A little over 5 years ago. This is very worrying as I find it extremely unusual.

Why is it worrying? I can't see what relevance it's going to have now.

Because its something unusual as it doesn't happen too often. Also I have no idea what it really was. I am going to give EA a call and hopefully some light will be shed on it.

gettingtheresometime

Or could it have been a new build bought off plan by the purchaser with the intention of selling it at a profit, never having lived in it?

Mr_owl

gettingtheresometime said:

Or could it have been a new build bought off plan by the purchaser with the intention of selling it at a profit, never having lived in it?

It was already around 10years old property and changed hands already 2 or 3 times before

eddddy

As above, it sounds like a "we buy any house" type of company.

They 'trick' naive sellers, who usually have financial problems. The company tells the homeowner that they'll buy their house.

What they don't mention is that they've found somebody to sell it to on the same day for £10k more.  And the company keeps the £10k profit.

Mr_owl

I see but how is this possible to be recorded at the same day? I'd assume it was subject to usual solicitors routine checks anyway unless they are not required if someone is cash buyer.

eddddy

Mr_owl said:

I see but how is this possible to be recorded at the same day? I'd assume it was subject to usual solicitors routine checks anyway unless they are not required if someone is cash buyer.

All the checks would have been done in advance. (You can make arrangements to sell a property before you own it.)

Buying and selling usually has to be done on the same day, because the "we buy any house" company don't have any money of their own to pay for the house.

People often assume that "we buy any house" companies have a wad of cash to buy houses with. That's not generally the case - they're typically penniless - so their scheme wouldn't work if they didn't buy and sell on the same day.