Whilst Auction House celebrates a high success rate of sales, sometimes properties and land don’t meet the reserve price which means they won’t sell and will be withdrawn from the auction.
Common reasons a property wouldn’t meet reserve are:
1. The reserve was too high
2. There wasn’t enough buyer interest
Our auction teams are experts in their field. They are also experts in the local property market and therefore best placed to advise on guide prices and reserves, however it is ultimately the sellers decision on what the reserve price is.
If it is the opinion of the auction team that the lot failed to sell due to the reserve price, they will have an honest and open discussion with the seller regarding this. The seller may choose to lower the reserve and re-list or simply re-list and hope for a better outcome with some increased marketing time. Equally, they may determine that the timing isn’t right and they will hold on to the property until the market has improved.
The marketing period for auction properties is already very short. We’ve been known to successfully market and sell properties in as little as 3 weeks from instruction (and much less). Sometimes, however, properties may require a bit longer to generate sufficient interest. If it is the belief that an extended marketing period will help the property sell, the seller would be advised to re-enter the lot into the next auction. If that date is too far away, then our weekly online auctions provide an alternative solution.
Can I buy a property that failed to sell at auction?
If you are interested in a property that didn’t sell at auction, you can contact the auction team to submit an offer. If accepted, this would be subject to auction conditions.
Unsold lots can be viewed on our website: www.auctionhouse.co.uk/unsold
