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fishglobe
Posts: 3 Newbie
Hi all. I have been regularly checking my house value on mentioned sites and noticed some discrepancies just now. We bought our house 4 years ago for 200k and few month ago it was estimated nearly 250k. Following latest check the value dropped by 15k and I wondered why so started checking recent sales in the area and didn't see anything unusual apart from one thing. Our next door neighbour bought their house one year after us and paid the same price as us. And here is the twist. Current zoopla/rightmove records are showing that their house was sold 2 months ago for 135k.
But 1. It couldn't have been sold as they still live there as normal.
2. this sale price is unrealistic as all houses in the area are within 200k + range.
Anyone has any idea what possibly is going on, is it something dodgy? Or is it possible that there is data error on zoopla/rightmove stating that their house was sold way below market value?
I don't fancy go asking neighbours as dont want them to think we're being nosy.
Appreciate all suggestions.
But 1. It couldn't have been sold as they still live there as normal.
2. this sale price is unrealistic as all houses in the area are within 200k + range.
Anyone has any idea what possibly is going on, is it something dodgy? Or is it possible that there is data error on zoopla/rightmove stating that their house was sold way below market value?
I don't fancy go asking neighbours as dont want them to think we're being nosy.
Appreciate all suggestions.
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Comments
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Could they have entered into some sort of sale and leaseback type arrangement? That might account for the heavy discount. Another possibility that I can think of is that they sold it to their chidren.0
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Maybe one of them bought the other out as they are divorcing, or half was sold/left to children
Look on the land registry and see if theres been a recent sale. Or of course it may just be an error.
Just shows how irrelevant these price estimates are.0 -
There are all sorts of discrepancies on there.
I've seen a past neighbour's house listed at the wrong price - he'd inherited it mortgage free and the figure they had must've been a small mortgage he raised on it.
More recently, a new build in 2010 never appeared on prices sold (maybe he bought it using his company to get a mortgage at the time) and then it appeared as "sold" just last year and he's still there, so I suspect he bought it from his company and/or remortgaged.... it's only showing as £240k though, even though the house was "worth" about £270-280k at the time, so maybe that's all he needed for a mortgage.
There's a lot not right about all that data.... and the more you look, the more inconsistencies you see.
It's really not worth bothering about - there's nothing you can do - it's just data.... and Garbage In, Garbage Out.0 -
The sale of my last house never made the Land Registry's records of sale, so it's not on Zoopla etc.
At the end of the day, don't worry about it. Zoopla/RightMove/etc figures are meaningless when it comes to the market value of a house. £300k, 500k, £2.50; it's all nonsense.0 -
I wouldn't call what Zoopla/RM do a "valuation", it's just an automatic guesstimated based on their data of nearby sales. As you pointed out this data can be wrong and/or sales might be missing in their database.
The sell value of your property is the amount someone else is prepared to pay for it.0 -
I wouldn't read too much into these - they have a long time lag and you don't really get any context, so they are the roughest of guides and you won't see the reasons behind anomolies.0
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Don't trust it get a professional in and 2 estate agents too then you have 3 and go with the average
My neighbours identical flat here in London is showing as is worth £15k more than mine! They are exactly the same 5 year old properties (even the interior kitchen and bathroom are the same)
I guess it's just there to give you a rough idea of the price0 -
How about allegedly selling house way below market value or even purchase price? Could this be real, error or something else?
They are young couple with small child so they couldn't have sold it to it.0
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