Auction Property

How To Buy Unsold Property At Auction

unsold auction property

If you’re one of those people who tend to avoid buying property at auction because:

a) you don’t trust yourself and think you may be tempted to sell your knickers on eBay to get a final bid in;

b) you think property auction prices are so *hot* you as may as well save the rubber on your shoes for doing something useful, like propping up a bar, or;

c) you haven’t got a clue how to find a property auction even if you had TomTom in your right hand,

Then this blog post will help you.

In the last few days there have been a number of property auctions held across the country and in some cases the properties entered for sale did not reach their reserve. That is, the lowest minimum price the vendor was willing to accept was not met.

What this means is the property is now listed as ‘UNSOLD’ however, in a twist of irony – that means the auction property is STILL FOR SALE

And now, after auction, these *unsold properties* have their reserves’ disclosed.  This means you know what price the property is available at.  No more guessing, no more ifs, buts and maybes and trying to out-smart what another bidder may bid.  Now’s your chance to swoop and buy.

Unsold property at auction

The reserve price you see, is the price you pay.

Think of it like a ‘Buy It Now’ feature on eBay – this is the property auction equivalent.

So if you fancy bagging yourself a bargain, there’s plenty of stock still for sale at these property auction rooms with everything from churches to cheap terrace properties, development opportunities, bits of land, family homes, London bonk batchelor pads to even a Pizza Hut.  Literally there is something for everyone – and they’re dotted all over the country.

So dive in and grab yourself an unsold property bargain:

MS Auctions

Barnard Marcus Auctions

CBRE Auctions

Sharpes Auctions

LSH Auctions

Auction House

  1. Richard Watters

    I never really understand (when I watch Homes under the Hammer) how people can go into an auction without being 100% certain of what their maximum bid is. But there are people who get carried away, for sure.

    As has been explained, a good way to avoid getting carried away is to buy post-auction.

    Another good strategy is to offer prior, particularly if your maximum bid would be in excess of the Guide price. Only a couple of days prior though.

    1. Sam

      Yes the atmosphere in the room does mean you can get carried away! Offering prior can work – although with quite a few vendors (e.g. councils and mortgage lenders) they are required for it to be sold in the room to know the best price on the day was achieved (accountability purposes).

  2. Amanda

    I found that properties not be sold at auction may have its own reason, mainly the reserved price is too high for people going into auction who want a bargain. I’ve yet seen one property I am interested unsold at bargain price at least in the Southeast. Might be a lot up the North?

    1. Sam

      Yes there can be reasons specific to the property. I have bought several properties after auction (even a flat in Camberwell, London) and that was a great bargain. Like anything you need to do your research – but they are out there if you look hard enough!

    1. Sam

      You need to contact the auction houses post auction. Best to do it the same day as many deals happen after the hammer has fallen…but the property didn’t get sold. Every place has a reserve and you will be expected to pay that

  3. Mike Young

    Hi Sam,
    Great article, thank you… all very intersting.
    I have a question, how do you buy the property that hasn’t sold at auction, is it a cash only basis, or would you be able to use a mortgage to purchase it?

    1. Sam

      Thanks, Mike. Buying after auction is still the same process as buying at auction – 10% deposit and 90% due on completion. If you’re super quick you can still organise a mortgage, but the trick is in the timing so you must be very organised!

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