Guide to Property Auction Cancellations, Removed Listings and Bidding Withdrawals

Navigating the world of property auctions can be both exciting and unpredictable, offering great opportunities for both buyers and sellers. However, even with all the meticulous planning involved, unforeseen circumstances can still occur. Among these situations are auction cancellations, removed listings, and bidding withdrawals. These occurrences can arise for a variety of reasons, ranging from technical issues, unfinished legal work, and last-minute decisions by the seller or auctioneer. 
 
If you’re planning on participating in an auction, understanding why it might be cancelled or a property withdrawn is essential to avoid wasted time and emotional investment. At BTG Eddisons Property Auctions, we’ve seen it all, and that’s why we’ve created this guide to help you navigate these challenges with confidence as a buyer, and take you through everything you need to know about cancellations, withdrawals and removed listings. 

Can an Auction be Cancelled? 

Yes, an auction can be cancelled. The procedure for this happening can differ depending on the auction house, but here at BTG Eddisons, we always seek to give as much notice as possible for both our buyers and sellers. Our auction cancellations are extremely rare, and we only do this as a last resort under unavoidable circumstances, such as technical difficulties before our Live-Streamed Auctions. 
 
In the event of a cancellation or postponement, our team will always make sure to contact those who are involved with the auction, whether you’ve registered to bid or your property is among the listings to be sold. You can also find important updates on our upcoming auctions page, even if you’re not signed up to the auction, which you can check at any time. 

Can a Property be Withdrawn from an Auction

Yes, a property can be withdrawn from auction. So, if you’ve registered to bid on a property, you may find it’s no longer available. While this is understandably disappointing to buyers who have their heart set on a property, it is within the seller’s rights to change their mind or accept another offer prior to the auction starting. 
 
To help make things as clear as possible for interested buyers at all times, we always ensure to update our listings in our upcoming auctions and on our auction events pages as soon as there are any confirmed changes. In the case of Live-Streamed Auctions, if there are any last-minute withdrawals, we will also announce them at the beginning of the auction. 

Reasons Why a Property Could be Withdrawn from Auction 

There are many reasons why a property could be withdrawn from auction, and these include: 

• The seller's circumstances have changed
• A change of heart from the seller
• Personal issues, causing clashes in the schedule or financial situations
• The property has been postponed (this is usually due to delays in creating a complete legal pack)
• It has been sold prior to the auction. 

What can I do if a Property has been Withdrawn, Postponed or Sold Prior? 

If a property has been withdrawn or postponed from an auction, the best thing you can do as a buyer is to keep an eye out for the property being re-listed for future auction events. If the property has been marked as ‘postponed’, you can expect that this will be the case, but even ‘withdrawn’ properties have been known to show back up in the past. 
 
You may even find that the property has been listed under a different sale method, such as in a Single-Lot Timed Auction, so monitoring this auction type is also worthwhile. 
 
However, for lots that have been sold prior to auction, they will already be in a legally binding contract to complete the sale, so they won’t be re-listed. To avoid being disappointed, the best way to reduce the risk of seeing a ‘sold prior’ sign is to be the one who bought the property early.  
 
All potential buyers are welcome to make an offer before the auction by sending it to our dedicated team, who will share it with the seller and provide acknowledgement of it. You must send an offer to offers@btgeddisonspropertyauctions.com and any offers must be above the guide price in order to be considered. Verbal offers won’t be accepted. You can also browse our guide on making an offer before an auction for more guidance on how to write your offer, information to include, and what happens if you’re successful. 
 
If you do make an offer prior to the event and it's rejected, then you can feel more confident that the property will make it to auction, as the seller might be waiting to see if their property can sell for more during the live event. 

Can a Seller Withdraw After a Sale? 

The seller cannot withdraw or cancel a sale after a bid has been accepted. While sellers reserve the right to withdraw a property before auction, once the winning bid has been accepted, both parties are locked into a legally binding contract and are no longer able to cancel. This helps to protect both sellers and buyers, giving both sides peace of mind when using the auction process. 

Can Buyers back Out After Placing a Bid at Auction? 

Technically, yes, buyers can back out after placing a bid, so long as you do so before the hammer falls. As soon as the hammer has fallen and the auction has ended, you’ve entered into a legally binding contract, and the sale must be completed within the pre-specified conditions of the particular lot. This legal right is specified in the Sale of Goods Act 1979. 
 
The act states that if you change your mind mid-auction about a property you’ve submitted a bid on, whether that be because you’ve gotten carried away in the moment and bid past your budget, have seen a different property that would be more suitable, or have simply decided it’s not the one for you, you can revoke the bid. However, this must be done quickly before the conclusion of that specific auction lot’s bidding time, so the bidding can re-commence at the previous highest offer. 

Can Buyers Back Out After Winning a Bid at Auction? 

If, for any reason, you wish to revoke your bid after the hammer falls, this protective legal right no longer applies, and you will be considered to be at fault. Backing out of the purchase at this point means you will be subject to face fines and potential legal action for breach of contract. 
 
However, there are two exceptions to this rule, which we’re going to discuss below. 

Withdrawing a Bid at a Conditional Auction 

Conditional auctions are a little different and present an exception to the above rule. Representing a slightly different buying method, in a conditional auction, the buyer enters into an exclusivity period (usually 60 days) during which they are expected to get their finances in place and complete the sale. During this period, buyers are still allowed to withdraw without incurring legal issues or cancellation fees, though they will still need to pay the reservation fees, which is non-refundable. 
 
If you want to learn more about the difference between conditional and unconditional auctions, then you can read more on our blog. 

Auction Misrepresentation 

Another reason why a buyer would be able to pull out of the sale after winning the final bid would be in cases where the purchased property has been grossly misrepresented. If the property has issues that haven't previously been disclosed, rendering it unmortgageable, buyers have a case for withdrawal of their bid. 
 
In the Misrepresentations Act 1967 (chapter 7, section 1), it states that, if a person has entered a contract after a misrepresentation has been made, they are then entitled to rescind the contract without alleging fraud. 
 
It's important to keep in mind that this exemption only applies if issues are not disclosed in the legal pack. Any issues with the property, even if they render the property unmortgageable, do not constitute as misrepresentation as long as they have been properly disclosed prior to the sale. This is why we always encourage our buyers to do their due diligence and read through the legal pack before bidding. 

Get Ready for the Auction with BTG Eddisons Property Auctions 

Understanding the complexities surrounding property auction cancellations, removed listings, and bidding withdrawals is essential for anyone participating in the auction process. By recognising the potential causes and implications in advance, you can be prepared for every outcome when buying at auction and give yourself the best chance at securing the property you’re after.  
 
If you’re ready to jump into your next auction and find your dream property, get involved with our Property Auctions, or check out our Unsold Lots and Single-Lot Timed Auctions to see what properties are currently available.