EA Posts Sale Price after Offer Accepted

deFoix

Hi, does anyone know why an EA would publicly advertise the sale price after an offer has been accepted?

Example:
https://www.robertcooperandco.com/property-details/103358004939/greater-london/ruislip/shenley-avenue

Thanks.

canaldumidi

I've not seen it done like this before, but it's common for an advert to be placed in various papers stating "an offer of £XK has been accepted for xyz property, any interested higher offers should be received by xyz date".

This happens with repos/bankrupcy sales (and probate properties sometimes) where the bank, company or administrator selling has to be able to prove to the bunkrupcee/ former owner/etc that they made all reasonable efforts to obtain the best price possible.

Slithery

Most likely a repossession.

eddddy

It's intriguing.

It doesn't look like it's a repossession etc, because it's shown as STC on Rightmove and Primelocation with a different EA - with no details of the offer price.

In fact, it's shown on Rightmove and Primelocation as "Offers over £725k", which will be scaring buyers away, rather than encouraging more offers.


TBH, my guess is that it's 2 rival EAs on multi-agency contracts...

• It was on the market for "offers over £725k"

• EA1 got an offer of £630k accepted (but has left the listing as "offers over £725k" to deter gazumpers)

• EA2 is trying to steal the deal away from EA1 by finding a new buyer who will offer over £630k

Here are the RM and PM listings:
https://www.rightmove.co.uk/properties/122591753#/?channel=RES_BUY
https://www.primelocation.com/for-sale/details/61265913/

FWIW, the listings above show all the furniture removed and a different cooker from this listing:
https://www.robertcooperandco.com/property-details/103358004939/greater-london/ruislip/shenley-avenue

deFoix

Thanks. It's intriguing to me that the sale price of £629,950 is way below the advertised price of £725k. Knowing the area and the speed at which houses are being taken off the market the £630 is an absolute steal.

canaldumidi

Repos do sometimes go cheap.

Their priority is to a) get the place sold fast and off their hands and b) cover whatever losses they've incurred (mortgage arrears etc) and c) not get sued for under selling.....

Hence the continued advertising right up to exchange so they can counter any claim they under-sold.

BikingBud

3 bed + requires new kitchen and bathroom

Just 100 sq m and wanting £725k

10 % deposit and then over 25 years ~ £3000 per month

Of course housing is affordable

No wonder people are going to lifetime mortgages 

propertyhunter

Rightmove says this house was sold for £560k in October 2020.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=82427605&sale=91810761&country=england

So in less than two years it has shot up £70k, so that 12.5%. Why did it sell again so soon?

newsgroupmonkey_

propertyhunter said:

Rightmove says this house was sold for £560k in October 2020.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=82427605&sale=91810761&country=england

So in less than two years it has shot up £70k, so that 12.5%. Why did it sell again so soon?

We bought ours in Feb 2020 for £260 and just sold for £330.

One of our neighbours sold for £290 last September and another for £320 in January. All the houses are the same.

Welcome to the market.

GDB2222

propertyhunter said:

Rightmove says this house was sold for £560k in October 2020.

https://www.rightmove.co.uk/house-prices/detailMatching.html?prop=82427605&sale=91810761&country=england

So in less than two years it has shot up £70k, so that 12.5%. Why did it sell again so soon?

London prices were a bit depressed by the pandemic, although a suburban property with garden might be less affected. 

london21

As stated above likely a repossession property.

Normally EA are reluctant to disclose offer price.

With repossession property they disclose price until exchange of contract. Anyone can offer until property is sold.  The company want to achieve the highest price for the property.