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.
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.
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 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.
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.