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Allsops September Results- Withdrawals

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Just looking through the results for September auction at Allsops.

http://www.auction.co.uk/residential/pastResults.asp?A=605

I've never been to a property auction so i'm not entirely certain of the procedure. When a property is withdrawn the prime reason is that it didn't get a starting bid? That is my understanding.

An awful lot of the properties were withdrawn in this auction. I presume so that Allsops can then exclude them from there auction results, thus obtaining a high pecentage sale total.

Is this correct or am I just talking rubbish?

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Just looking through the results for September auction at Allsops.

http://www.auction.co.uk/residential/pastResults.asp?A=605

I've never been to a property auction so i'm not entirely certain of the procedure. When a property is withdrawn the prime reason is that it didn't get a starting bid? That is my understanding.

An awful lot of the properties were withdrawn in this auction. I presume so that Allsops can then exclude them from there auction results, thus obtaining a high pecentage sale total.

Is this correct or am I just talking rubbish?

Withdrawn would normally signify it is a repossession property and the vendor has found a way to re-mortgage the property. You only get a starting bid when the individual lot comes up for sale in the auction room, withdrawn properties are withdrawn before the auction starts, sometimes weeks before.

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I think some of the "withdrawn" properties could have been sold before the auction or had enough interest for the lender to do so. In London there were a few repos that were listed and now show as withdrawn on the Allsops auction site.

Before the auction they were extensively advertised in London and some Estate Agents had them on their books and also advertised them. I phoned about one property and was told that it was now "under offer". It's now shown as withdrawn. Not sure if the sales will go ahead but will be watching the list of sales in my area when the figures are released.

There are sure to be other reasons for withdrawn as well.

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I think some of the "withdrawn" properties could have been sold before the auction or had enough interest for the lender to do so. In London there were a few repos that were listed and now show as withdrawn on the Allsops auction site.

Before the auction they were extensively advertised in London and some Estate Agents had them on their books and also advertised them. I phoned about one property and was told that it was now "under offer". It's now shown as withdrawn. Not sure if the sales will go ahead but will be watching the list of sales in my area when the figures are released.

There are sure to be other reasons for withdrawn as well.

Properties sold before the auction are marked as 'SOLD PRIOR' and not as withdrawn.

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I was following a property last year that was up for auction with strettons. I didn't attend or bid and the property was later listed as withdrawn. When I enquired what the meaning was with the auctioneers they said the property didn't draw a bid.

The property in question is still up for sale with an estate agent.

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I was following a property last year that was up for auction with strettons. I didn't attend or bid and the property was later listed as withdrawn. When I enquired what the meaning was with the auctioneers they said the property didn't draw a bid.

The property in question is still up for sale with an estate agent.

The auctioneers could be playing a bit of a game to keep there performance figures (% sold) looking good, but it appears very odd and quite frankly I doubt it is the case. If it went to the auction room and there were no bids, instead of the property being listed as not sold it could be listed as withdrawn. It is just possible that someone thought withdraw it rather than still offer it for sale post auction.

Far more likely is that the said property attracted no pre-auction day interest at all and was withdrawn for that reason. Potential bidders would contact the vendors solicitors for the contract terms and covenants etc and the auction house to view. The only other option would have been to lower the guide price which the vendor could have decided was going to be too low and decided to leave it with estate agents.

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Withdrawn = withdrawn.

Sold prior = sold prior.

Available = available.

Simple terms that mean exactly what they mean.

A property that didn't sell on the day is listed as available - meaning that you can buy it post sale if you fancy. If sold before the auction through the auctioneers - on account of a good offer coming in - then it is sold prior. If the vendor either decides not to sell, or if he sells it though another agent, then it is withdrawn (fees still being payable to Allsops).

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Properties sold before the auction are marked as 'SOLD PRIOR' and not as withdrawn.

Sold Prior is used when the auction house itself sells property prior to auction date. If the vendor calls up to remove the property from the auction, because it is under offer with another agent, it will still be marked withdrawn.

I remember 2 years ago when auctions were first dieing, and vendors hadn't reduced expecations, some auctions had over 50% marked as AVAILABLE. This is what happens when they don't sell at all.

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