Unsold lots, withdrawals and buying before auction

Not every lot reaches the hammer. Some sell beforehand, some are withdrawn and some fail to reach the reserve. Each can still be an opportunity if you are prepared.

Buying before the auction

Some sellers accept offers before auction day. If yours is accepted, you will usually be asked to exchange contracts on the auction terms, with the same deposit, fees and completion date, often within a short deadline. That means your solicitor's review and your finance need to be ready sooner than you planned. Ask the auctioneer whether the seller will consider offers. Not all will.

Withdrawn and postponed lots

Lots can be withdrawn or postponed up to the auction itself, for example because the seller has sold elsewhere. The addendum usually lists them. RICS advises checking that a lot has not been withdrawn or already sold before you spend time or money on it. Listings on Lotwick may not show the very latest changes, so always confirm with the auctioneer.

Unsold lots

If bidding does not reach the reserve, the lot is not sold. The seller may then be open to an offer, and RICS advises contacting the auctioneer straight away if you are interested.

• Sales after the auction are usually on the same terms as the auction, including the deposit, buyer's fees and completion date.
• Ask why it did not sell. A quiet room is different from a problem in the legal pack.
• Some lots are offered again at a later auction, sometimes with a different guide.

RICS says published auction results must be accurate and must not include unsold lots or lots sold subject to conditions as sold.

Before you make an offer

• Do the same checks as for auction day: viewing, survey and legal pack review.
• Work out your maximum, including all fees and tax.
• Have your finance ready for the auction timetable.

An exchange before or after the auction is just as binding as a winning bid. Check with a solicitor before you sign anything.