Estate agents changing asking price after a sale

(15 Posts)
Jonesy92 Sun 02-Aug-20 07:32:48

Me and my partner are FTBers and are planning to buy in the near-ish future (we will start looking more seriously once the furlough/brexit is clearer) but have recently started looking at our target areas to get a 'feel' for the market.

One of the houses that ticked our boxes was on for 425k and went to best and final offers on 30th July, the next day it was SSTC but price increased to £445. I've noticed it with another property a couple of weeks ago too.

Has anyone seen this before? It just seems quite strange.

OP’s posts: |
Climbingallthetrees Sun 02-Aug-20 07:36:02

That is weird. I wonder if they’re about to market another house on the same street and want to push up prices?

Idontgiveagriffindamn Sun 02-Aug-20 07:39:39

That will be the offer that was accepted on it. It gives a guide for those looking at other properties.

Idontgiveagriffindamn Sun 02-Aug-20 07:40:15

Sorry that should have said: that will be the value of the offer accepted on it

Grottyfeet Sun 02-Aug-20 07:42:09

If it's best and final offers you must be in Scotland? Is it because there's no point people bidding lower than already received bids?

Jonesy92 Sun 02-Aug-20 07:51:02

We're in England. A few seem to go to best and final offers where we're looking. It would make sense if it was the asking price, only most don't change. The cynic in me thinks that they maybe only change it when the sold price is higher than asking...

OP’s posts: |
RemyHadley Sun 02-Aug-20 08:16:09

Yeah they change it to the offer that’s been accepted. That way if somebody wants to try and gazump the buyers they know what kind of offer they’d need to make. Plus it helps keep the statistics accurate for everybody looking at prices.

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LemonadeFromLemons Sun 02-Aug-20 08:46:30

@RemyHadley
If it helps keeping the statistics accurate for people looking at prices they should also amend the price down if an offer is accepted below asking price. Don’t suppose they’ll be doing that...

RemyHadley Sun 02-Aug-20 09:15:25

Hah no, probably not!

YoBeaches Sun 02-Aug-20 12:36:40

maybe only change it when the sold price is higher than asking...

Yes that's what they do, it's normal practice rather than cynical when a property goes to best and final offers.

It does show there's high demand where you are looking and prices could well increase.

Jonesy92 Sun 02-Aug-20 19:12:44

Thanks all, so I suppose it seems normal enough.

By the time we're looking at moving the actual price paid land registry data should be out anyway so we can compare.

@RemyHadley - if somebody wants to try and gazump the buyers they know what kind of offer they’d need to make...

House buying sounds absolutely awful safe to say I'm not looking forward to it!

OP’s posts: |
RemyHadley Sun 02-Aug-20 19:36:56

Absolutely, the house buying system in England is a nightmare! Try not to get emotionally invested (at least until you exchange contracts).

GiantPinesAhem Sun 02-Aug-20 19:39:59

Offers over seems to be getting more and more common in my area. Personally I hate it, it gives you no idea of how much they're actually willing to sell the property for.

JoJoSM2 Sun 02-Aug-20 19:57:01

I wouldn’t worry too much if they change the numbers on Rightmove when a house is under offer.

Another ‘trick’ I’ve seen is changing photos on Rightmove Sold prices to make it look like a particular house that got sold for top whack was a fixer upper rather than done up.

tara66 Sun 02-Aug-20 20:07:13

Why don't you just ask the agent? It is a torturous learning process.

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