Statistics show that the majority of property and land sells first time through auction. If a property is suited to auction, it will fair well in the room. However, there will always be one or two that slips through the net and this is where post auction offers come in.
Welcome to Connect UK’s Auction Academy – Here to answer all your property auction questions.
If a property doesn’t sell on the day of the auction, it means the final bidding figure didn’t reach the reserve price. There are always buyers post auction.
Post auction calls are normal and the auction team are well trained in extracting offers in order to conclude the sale at a price the vendor is looking to achieve.
If the property doesn’t meet the reserve in the room or receive the needed post auction offers, a representative will keep in touch to discuss your options and what to do next.
Remember, not all auction companies offer a no sale no fee option, so be sure to do your research to avoid extra financial expense in order to re-offer your property into the next and upcoming auction.
Check out our other videos on Auction Day Etiquette and top tips on selling through auction.
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