Why would a property be withdrawn and then re-listed later?

Properties can get withdrawn from auction and relisted for various reasons, including:

Online Auctions:  Since Covid-19 Online Auctions became the new method of auctioning property. With the ease and simplicity of being able to list a property so quickly, auctioneer’s no longer need to wait months between physical auctions before relisting a property to into auction. Auctioneers can simply click a button and the property can be available to bid on immediately!

Reserve Price: The auctioneer or seller may not be happy with the reserve price (the minimum price they're willing to accept), so they might withdraw the property and relist it later with a potentially adjusted reserve price.

Legal Issues: Certain legal or title issues might surface during an auction process, leading the seller to temporarily withdraw the property. Once these issues are resolved. Remember a missing document is always the one to look out for! Read our previous blog post on what to look out for when reading a legal pack here. Once any legal issues have been resolved and the seller is happy the property can be relisted for auction. 

Lack of Buyer Interest: If there's a lack of interest or limited bidding activity during the auction, sellers might withdraw the property to reconsider the marketing strategy, price or address any potential issues that deterred buyers.

Market Conditions: Changes in the property market, economic conditions, or specific location factors might prompt a seller to withdraw the property temporarily and relist it later to align better with more favourable market conditions.

Auctioneer Strategy: Sometimes, it's part of the auctioneer’s strategy to create a sense of urgency or to reposition the property in the market. This can involve withdrawing the property from auction and relisting it later with an adjusted price and marketing tactics.

Property Condition: Issues with the property's condition that may have become apparent during the auction process could lead to a temporary withdrawal. Sellers might opt to make improvements or adjustments before relisting.

Buyer Financing: If the highest bidder fails to secure financing or encounters issues in the financing process, the sale might fall through, prompting a property to be withdrawn and later relisted.

Each case can be unique, and the decision to withdraw a property from auction and relist it depends on various factors influenced by both the seller's objectives and the market conditions at the time. What we can certainly see from EIG, is with so many auctioneers using our online auction platform, the ease and speed to relist a property is advantageous for both seller and auctioneer in getting a property sold. We have recently released our 'Q4 Auction Insights Report' which details the number of lots relisted to auction across various time frames, you can view this here.