Can a property be sold prior to auction?

If a property is sold prior to auction or when there is a failure to reach the reserve price from insufficient bidding the auctioneer will withdraw the property from the auction.

What does sold prior to auction mean?

lots
From time to time, lots are sold or withdrawn prior to the auction. If you are interested in a specific lot, you can also make an offer before the auction which will be passed to the vendor for consideration. Any lots that have been withdrawn or pre-sold will be announced before or during the auction.

Are Sotheby auctions open to the public?

All of Sotheby’s auctions are free and open to the public, and there is no obligation to bid. You may also watch our auctions online.

Why would someone put a house up for auction?

When a homeowner has not paid the mortgage for at least a few months, they may fall into default and end up in foreclosure. If the homeowner does not pay the balance owed—or renegotiate the mortgage with the lender—the lender can put the home up for auction and force the homeowner out for nonpayment.

Should I accept a pre-auction offer?

By placing an offer beforehand, buyers want to avoid the potential of a highly competitive auction scenario. Even so, accepting a healthy offer before auction should be considered, particularly if it is above expectation. When market conditions are subdued, buyer interest is likely to be low.

Do you need pre approval to bid at auction?

You need to know how much you can afford to bid. An effective way to do this is to seek pre-approval from your lender. Remember an auction contract is not subject to finance. If you buy, you need to be certain you can get the money to pay.

What happens with a pre-auction offer?

A pre-auction offer is an offer that is made before the auction date. If the seller is willing to accept the offer, the auction may be held earlier than the advertised date, or the auction may be cancelled if a sale and purchase agreement is signed. The property can sell any time after that first bid.

When should you make a pre-auction offer?

Making a pre-auction offer is simple: you put in writing what you are prepared to pay for the property, then submit your offer a week or two before auction day. Your job is to make the offer more appealing to the vendor than watching would-be owners in a property Hunger Games on their lawn.