If a property fails to meet its reseve it will be classified as unsold, however it will still generally be available for sale after the auction, usually at the reserve price. The main advantage of buying unsold property after auction is that the auctioneer will generally disclose the reserve price.
This 'Glossary of Terms' – those commonly used in the realm of property auctions, is monitored and updated regularly to remain a current reference point.
If there are any terms that you have come across which we have not included here and you are unclear about, please do get in touch and we will be happy to provide you with a clear explanation and add the new term to our list.
For more information on buying or selling at a property auction, have a read of our guide to buying at auction.