Buying an Unsold Property at Auction

Will Thompson

Written by: Will Thompson on 5th December 2022

Row Of New Houses

Are all properties listed for sale at online auction guaranteed to sell? Sometimes, if a property’s reserve price isn’t met during an online auction, it withdraws from auction and is displayed as an unsold auction lot. But can you still buy an unsold property at auction? In this article, we’ll explain what happens to unsold lots at auction, how you can buy an unsold property, and where you can find more information about the properties that failed to sell online.

What happens to unsold lots at auction?

Properties brought to online auction for sale are listed with a public guide price, and a reserve price set by the seller. A reserve price is the seller’s minimum acceptable price, and isn’t commonly disclosed to buyers. Reserve prices are usually kept private between the seller and auctioneer, and if it isn’t met during the auction, the lot won’t be sold on the day.

Can I buy an unsold auction property?

Don’t worry if you missed out on purchasing a property during a live online auction - if it’s unsold, you may still have a chance to buy post-auction. Unsold properties are still available to view online, with the full advert including the description and photos displayed. You can also download the legal documents, view the associated purchasing fees and arrange viewings, as you would before the original auction date. 

If an unsold property has caught your attention and you’d be interested in purchasing, we would advise you to peruse the legal pack before placing an offer, and contact us to enquire.

What if my property doesn’t sell on the auction date?  

If you’re the seller of an unsold property, and you still want to secure a sale, our Pugh auction experts will continue to market your property to our network of buyers, including anyone who previously showed interest in the lot. We will advertise the property on our auction results pages, and allow buyers to access the important documents they need to make an informed decision to purchase your property. 

Where can I find unsold auction properties near me?

At Pugh, we have more than 25 years of experience in residential and commercial property auctions, both online and within auction venues. We work with buyers and sellers across the UK, so no matter where you are in the country, we’re sure you’ll find unsold auction properties for sale near you.

To find unsold auction properties in your area, browse our previous auction results pages and scroll through the lots to find those listed as ‘unsold.’ From here, you can view the property advert, download the legal pack and enquire with us before placing an offer.

If you haven’t already, be sure to create an account with us so you can register to become a bidder.

For more information about unsold properties available near you, how to purchase them, or how to sell your property with Pugh, call us today on 0345 505 1200 to speak to our team.

Will Thompson Will Thompson

Associate Director

About the Author

Will heads up the Partner Agent channel at Pugh’s and has a strong background in business development and channel management.

Will joined Pugh’s in 2019 to develop the partner agency offering and meets with residential and commercial agents to create and manage these partnerships. He is responsible for the overall success and direction of the partner agent channel at Pugh’s and works closely with numerous departments at Pugh’s to do so.

Before Will joined Pugh’s, he worked as a Corporate Business Consultant as part of a senior business development team at IRIS Software, working with national corporates and public organisations.