It’s possible if you follow UK property auction that you will know many properties go unsold at auction during the sale. This can be for various reasons, however as a buyer, you may be still able to buy an unsold auction lot right after the auction has finished.
You can also purchase an unsold auction lot, after the sale by contacting the auctioneer and asking them the reserve or the price at which the vendor is willing to sell.
Many buyers still manage to secure a bargain auction property due to the property not selling in the main sale. Sometimes vendors reserve is way to high and buyers are just not willing to part with the money to purchase a property.
The tules still apply when purchasing in this way, completion is still usually 21-28 days after you exchange contracts and you will need to stump up the fees and deposits needed to exchange on the property.
Check property auctioneers websites to see which lots have remained unsold and try your hand. You may still pick up an investment property bargain from a motivated seller of and get it below market value.
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