House marked as SOLD same day when listed

[Adjeoebfwh]

Anyone knows what is going on with those? Surely if it is already sold there is no point to put them on rightmove?

Checking new listings since last week and I noticed a significant amount of them are marked as SSTC already.

Examples:

Winchester Road, Edmonton, N9
www.rightmove.co.uk/property-for-sale/property-70551930.html

Wellington Avenue, Edmonton, N9
www.rightmove.co.uk/property-for-sale/property-70552026.html

Effra Road, Wimbledon
www.rightmove.co.uk/property-for-sale/property-79715722.html

Estate agents are trying to demonstrate to vendors that they are selling things, even in the current market.

Remember that Rightmove and estate agents are working for vendors, not buyers.

It also suggests the price was too low.

Hmm - I think Rightmove only includes Sold prices if you ask it to. Maybe adjust your search filters?

We viewed our current house before it was listed on rightmove. We made an offer immediately afterwards so by the time was on rightmove it was marked as sold. EAs like to demonstrate that they are successful at getting the houses sold.

This happens a lot in my area.

My FILs house sold to the first couple who viewed which was just before the listing went on RM so it went straight on as SSTC. As Notyetthere says, I think EA's like to show they are selling quickly.

I guess there are two ways of looking at the market in the current climate:

1. Market will slump

or

1. People have realised their houses are small, want to upsize/downsize, have taken the opportunity in lockdown of finishing DIY jobs and decorating ready to move and market will flourish.

Add to that the extra time people might have for browsing local agents and spotting newly listed houses on local walks.

I think often EAS contact some of the buyers they have on their books before listing the property - especially cash buyersbandninvestors who will often commit quickly. So, when you first see a property listed, it could already be under offer or effectively gone. It's why it's still worth being registered with all the local agents - you often hear a bit before its on Rightmove.

I think EAs like to have 2 chances of the property being 'new' which generates interest. So they tell people on their books a few days before it goes on RM - perhaps before particulars have been drawn up and try to generate some interest and perhaps competition between buyers thry already know about. Then if that doesn't lead to offers or accepted offers, it is new again in RM when listed and other people that agent doesn't have on their books might see it when it is listed high up.

Probably not so vital now, but important in a hotting up market where stuff sells fast, to be on the books of the local agents, so you really are one of the first to see it.

We saw this house before it was officially listed because we'd just missed out on a few properties previously and the agents knew we were legit. So they called us as soon as the house went on the market, we viewed and immediately offered. It just happens that way sometimes, especially if you as a buyer have built a relationship with an agent.

Also, often if buyers have their offer accepted, before it gets onto RM, one of their conditions of their offer is that it is listed as SOLD and the vendor won't let anymore viewings take place. Often EAs won't mark as SOLD until they have seen some paperwork to show buyer can genuinely proceed such as mortgage offer or evidence of funds. It's another reason to have your mortgage offer paperwork or evidence of funds paperwork all ready to show EAs to put yourself in a stronger position as 'ready to proceed' if there's a lot of competition.

I don't necessarily agree it means it was under-priced. It might have sold for a high asking price and also sold to a cash or first time buyer who was in a strong position. If it has been sold below asking price, unless the buyer was in a very strong position to proceed fast and that was what vendor really needed, I agree that letting it go to the open market is often a good thing.

More buyers should do a bit of legwork before viewing properties - get mortgage offer in principle or get their evidence of funds sorted out, get all their ID paperwork photocopied etc, obviously have a buyer on their own property if selling (and have paperwork ready to show about how far that has proceeded). I wouldn't be showing the EA evidence of funds etc before making offers as you do t went them to know the limit you can stretch to, but telling them you have it all ready and sending an email listing all the documents you will be able to provide instantly an offer is accepted is a a good move.

EAs often distinguish in their minds between buyers and put forward prospective buyers in different ways to the vendor. So in the EAs mind, there is the time waster, the very green and unprepared buyer who might never get a mortgage or sell their own home, the one who is keen but disorganised, the one who is keen but probably faces a number of obstacles, the one who is ready to proceed with a buyer and a mortgage in place, the one who is ready to proceed with a mortgage in place and no need to sell anything, and the cash buyer who is ready to proceed and has nothing to sell.

You can't usually help if you need to sell or need a mortgage, but you can show you're ready to proceed and out yourself in the strongest position, so that the EA is favourable in their recommendation of you to the vendor and you trump others in a similar or possibly even better situation.

As an avid Rightmove addict I think there is some nonsense going on.
I've seen houses that were listed ages ago relisted and marked as SSTC on the same day a lot since lock down.