Auctions
There are several types of auctions or public sales. Often, an auction takes place because a mortgagee exercises its execution right when the mortgagor is in default with the fulfillment of its obligations. Besides the auction by the mortgagee, there is also the auction by a person levying an attachment and the auction under a court order.
The auctioned object is thus not being sold by the owner itself, but by a creditor (foreclosing seizor), such as a mortgagee. The auction consists of a first phase with increasing bids and a second phase with decreasing bids (also known as Dutch Auction). In the first phase with increasing bids, the starting point will be the starting price or opening bid, which is set by the foreclosing seizor. The second phase with decreasing bids occurs by starting a countdown from an amount set by the foreclosing seizor which is significantly higher than the highest bid in the first phase and comes to an end when someone calls out the word "mine" at a certain amount during the countdown. The purchaser of the auctioned object is the person who has called out “mine”, or in case no one called out in the second phase, the highest bidder in the first phase, provided that the object is awarded to the highest bidder by the foreclosing seizor. Thus, the seller agrees to accept the bid.
Until fourteen days before the auction date, it is possible to make a private bid on the object. If this private bid is accepted by the foreclosing seizor and approved by the court, the public auction will not take place and proceedings to execute the private bid will start. In order to place a private bid on objects which are being auctioned at our office, please print out the Form for Private Bids and send it to our office.
For more information or explanation about the auction procedure, feel free to contact us.
The auctioned object is thus not being sold by the owner itself, but by a creditor (foreclosing seizor), such as a mortgagee. The auction consists of a first phase with increasing bids and a second phase with decreasing bids (also known as Dutch Auction). In the first phase with increasing bids, the starting point will be the starting price or opening bid, which is set by the foreclosing seizor. The second phase with decreasing bids occurs by starting a countdown from an amount set by the foreclosing seizor which is significantly higher than the highest bid in the first phase and comes to an end when someone calls out the word "mine" at a certain amount during the countdown. The purchaser of the auctioned object is the person who has called out “mine”, or in case no one called out in the second phase, the highest bidder in the first phase, provided that the object is awarded to the highest bidder by the foreclosing seizor. Thus, the seller agrees to accept the bid.
Until fourteen days before the auction date, it is possible to make a private bid on the object. If this private bid is accepted by the foreclosing seizor and approved by the court, the public auction will not take place and proceedings to execute the private bid will start. In order to place a private bid on objects which are being auctioned at our office, please print out the Form for Private Bids and send it to our office.
For more information or explanation about the auction procedure, feel free to contact us.
| form_for_private_bids.pdf |