Foreclosure Price

In case you have to sell your foreclosed property, you will have to know that everything will take place according to rigorous steps, and you must consider them. The price, which starts the auction, is provided in publications or ads, according to the previous lines. The good is awarded, after three successive calls, made at time intervals to allow options and overbid, to the one who offers the highest price, even when, in the absence of other competitors, it was the only bidder.

If you do not get the price starting the auction, at the same time, the property will be sold to the highest price offered. In all the cases, at equal price, will be favoured the one who has a right of refusal on the property tracked. After the award of the property, the tenderer is required to file soon the entire price in cash or by payment order or any other legal instrument of payment, on request, allowed by the bailiff, the price may be deposited in less than 5 days.

If the price is filed under these requirements, the auction will restart or, if necessary, another way to value the property, and the first awarded is liable to decrease the price obtained at the second sale and the expenditure made for this. The amounts will be established by the bailiff by proceeding with foreclosure power and are mainly deduced from the amount filed under the law. The bailiff shall deposit soon cashed money keeping the proof. About this, he will mention in the minutes of the auction.

Trackbacks interveners or creditors cannot award the goods offered for sale at a price lower than 75% of the starting price of the auction. In case the awarded person is the pursuer creditor, and there are no other lenders to monitor, or they are in a lower level compared to creditor awarded, he can deposit in the account of the price his claim, in completely or in part. The tender will be closed as soon as the amounts received can cover debts that are watched, and all the foreclosure costs. The bailiff will declare the auction closed and if, while it is performed, occurs any of the conditions stipulated by law.

After closing the auction, the bailiff will write a report about the performance and the outcome, which will be signed by the executor, creditor, debtor, and the awarded officials.
The bailiff shall issue, under signature, each awarded official, an evidence which will include the date and place of auction, the name of the successful awarded official, the property awarded and, if necessary, the price paid or to be paid.

The proof issued to each awarded official is property title to the goods sold, if the debt securities are registered, the successful awarded person will be able to get the transfer in the name or in the virtue of a certified copy of the minutes. In all the cases, the good is taken over by paying full price; the successful awarded person supports the risk of loss of the asset awarded.

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