Can anyone explain what's happening here?

[Formerly]

A property has come on the market today that I'm interested in. The blurb states it's massively reduced from the home report value. It is on at 1% above the 2017 sold price, which in turn is only about 5% above the 2006 price. What's confusing me is that on the land registry (but not rightmove land registry data) there is also a sale at 70% of the current asking in December 2022. I never saw it come on the market (I'm keeping a keen eye on it). Even in the current market it would easily have sold for several 10's of thousands more.

Any ideas what this sale last year was? A repossession or a we buy any house style purchase?

[spunko]

Might be an error in the Land Registry data, quite common that the wrong address gets entered.

[SpectrumFX]

My current house was sold for below market value shortly before I bought it, without going to market.

My theory was that somebody had died, and it had been left to multiple beneficiaries, with a sale recorded as one of them bought out the others. Might be bollocks, but it was the only thing I could think of.

[Andersen]

Credit @sarahbell - I thought I knew the routine but this was news to me 

 

[wherebee]

3 hours ago, Formerly said:

A property has come on the market today that I'm interested in. The blurb states it's massively reduced from the home report value. It is on at 1% above the 2017 sold price, which in turn is only about 5% above the 2006 price. What's confusing me is that on the land registry (but not rightmove land registry data) there is also a sale at 70% of the current asking in December 2022. I never saw it come on the market (I'm keeping a keen eye on it). Even in the current market it would easily have sold for several 10's of thousands more.

Any ideas what this sale last year was? A repossession or a we buy any house style purchase?

Could be an estate agent flip.  Probate sale, foreign inheritors, agents says it will take it off their hands for X, sale happens to a mate, then gets flipped

 

[With a crooked smile]

What I find weird is occasionally I come across properties that have sold twice on the same day on the land registry 

[Formerly]

Cheers all. The most sensible explanation would be a land registry cock up. Looking at google maps/google earth leads me to believe the owners were big spenders. The house has been cosmetically  overhauled externally and the interior looks similarly flash. Not to my taste - more boutique hotel than home. There are flash cars in the drive in all photos.  Perhaps rising interest rates have bitten in this case and they need shot of it pronto.

[Formerly]

If it's of interest to anyone, it turns out that this wasn't a LR cock-up. It was a genuine sale to one of the buy your house for cash companies. According to the home report's market valuation they paid <54% of the current market value (valuation was within the last fortnight).

[HousePriceMania]

On 13/01/2023 at 20:51, Formerly said:

A property has come on the market today that I'm interested in. The blurb states it's massively reduced from the home report value. It is on at 1% above the 2017 sold price, which in turn is only about 5% above the 2006 price. What's confusing me is that on the land registry (but not rightmove land registry data) there is also a sale at 70% of the current asking in December 2022. I never saw it come on the market (I'm keeping a keen eye on it). Even in the current market it would easily have sold for several 10's of thousands more.

Any ideas what this sale last year was? A repossession or a we buy any house style purchase?

Offer 10% over asking just to make sure you pay the right amount.

[Formerly]

 

7 minutes ago, HousePriceMania said:

Offer 10% over asking just to make sure you pay the right amount.

Not a chance. No way are this crowd getting a 6 figure sum from me for 1 month's work! Some mug will give them it, but not this one.

[HousePriceMania]

7 minutes ago, Formerly said:

 

Not a chance. No way are this crowd getting a 6 figure sum from me for 1 month's work! Some mug will give them it, but not this one.

I was joking, I think.

[wherebee]

9 hours ago, Formerly said:

 

Not a chance. No way are this crowd getting a 6 figure sum from me for 1 month's work! Some mug will give them it, but not this one.

If you know what it sold for for the cash for houses crowd, offer them 10k or 15k profit.  

They WILL have targets internally for number of resales and cash in the door.  You hit the right moment, and you might get it.

Even better if you can go to them direct, cut out the estate agent.

[Formerly]

12 hours ago, wherebee said:

If you know what it sold for for the cash for houses crowd, offer them 10k or 15k profit.  

They WILL have targets internally for number of resales and cash in the door.  You hit the right moment, and you might get it.

Even better if you can go to them direct, cut out the estate agent.

In the ad they've stated a minimum price and claim if they don't make at least 60k (they don't word it like that) it'll go to auction in a couple of weeks. If it goes at that minimum price that'll still be less than 5% HPI over 16/17 years despite significant cosmetic upgrades to the house.

However, having been to see it, I don't want it!

[macca]

We buy any home?

One of these companies that you can sell your house quickly, but at a massively reduced price

[Option5]

Equity release?

BTL landlord gone bust?

House used as equity for business debt?

[wherebee]

2 hours ago, macca said:

We buy any home?

One of these companies that you can sell your house quickly, but at a massively reduced price

I looked into that during my divorce as a possible way of asset value destruction.  Was eye watering the discounts they wanted.

[HousePriceMania]

On 18/01/2023 at 05:45, wherebee said:

I looked into that during my divorce as a possible way of asset value destruction.  Was eye watering the discounts they wanted.

It's eye watering how much people think their house is worth based on a commission based 2nd hand house salesmen in a bad suit's evaluation.

[MrXxxx]

2 hours ago, HousePriceMania said:

It's eye watering how much people think their house is worth based on a commission based 2nd hand house salesmen in a bad suit's evaluation.

You they're bad now, you just wait until the HPC kicks in:

[wherebee]

10 hours ago, HousePriceMania said:

It's eye watering how much people think their house is worth based on a commission based 2nd hand house salesmen in a bad suit's evaluation.

sold it for exactly what I thought it was worth......

which was a fair bit less than the ex thought it was worth......