What happens if no one bids at auction?
Auction procedure
Contents
- Auction procedure
- What happens if no one bids in an auction?
- What does finalized without bidding mean?
- What does no minimum bid mean in an auction?
- Amount claimed auction
- What happens if the auction is deserted?
- What happens when an auction is deserted?
- Who pays the amount claimed in an auction?
- Boe Auction without minimum bid
- What is the amount claimed in an auction?
- Who can bid in an auction?
- Who can participate in a judicial auction?
- Award at auction
Article 644 drafted by paragraph two hundred and seventy-five of article fifteen of Law 13/2009, of November 3, on the reform of procedural legislation for the implementation of the new Judicial Office (“B.O.E.” November 4).Effective: May 4, 2010.
2. Each party shall be obliged to pay the expenses arising from the measures which, for the publicity of the auction, they may have requested, without prejudice to including in the settlement of costs the expenses which, for this concept, are borne by the executing party.
The notices referred to in the first paragraph of the preceding article shall include all the terms and conditions of the auction, general and particular, if any, and any data and circumstances that may be relevant for the success of the auction.
The content of the advertising carried out by other means shall be adapted to the nature of the means used in each case, seeking the greatest economy of costs, and may be limited to the data necessary to identify the goods or lots of goods, the appraisal value thereof, their ownership situation, if they are real estate, in accordance with the provisions of Article 661, the place and date of holding the auction and the indication of the place or places where the edicts are published.
What happens if no one bids in an auction?
But if it is deserted, that is to say, if no one bids, according to article 671 of the Civil Procedure Law (LEC), the creditor during the 20 days following the closing of the auction may request the adjudication of the property for 50% of the value at which it was auctioned or for the amount owed to him.
What does finalized without bidding mean?
Auctions ended with bids are auctions that have received at least one bid and have already ended their bidding period. Auctions ended without bids are auctions that have not received any bids.
What does no minimum bid mean in an auction?
What is the minimum bid? The minimum bid is the amount above which the system allows the user to place a bid. It is calculated according to the value of the item to be auctioned, and it is established to prevent bids that do not match the real value of what is being auctioned.
Amount claimed auction
2ª. The determination of the amount due for all the concepts. The adjudication of the property for the amount due for all the concepts -that is to say, principal plus interests and costs- determines that the debt is extinguished in full with the consequent full satisfaction of the creditor’s credit right. It is interesting to note that in this case an appraisal of costs and interest would be required, since a property cannot be adjudicated for merely budgeted amounts but for definitively consolidated amounts.
d) Fourth possibility of interpretation: determination of the breakdown by application of the strict proportionality that the global debt maintains in relation to the value established for the auction of each of the concurrent properties.
At present it is possible to conclude that this diverse consideration reaches the category of a question of legal certainty that demands a concrete solution, in the form of a regulatory change or, at least, of a unifying resolution of doctrine on the part of the Supreme Court, if the controversy were to come to its attention. In this section I limit myself to record the main arguments that have been used, by means of which instruments for reflection are raised, in the expectation of knowing the meaning of that definitive and long-awaited normative solution.
What happens if the auction is deserted?
An auction declared deserted is one in which there were bids, and the issuer decided not to award. The reason why this occurs is because the yield levels requested by the market (the bids) are higher than the issuer’s borrowing cost targets.
What happens when an auction is deserted?
When the auction of the property is held without any bidder, the creditor may request the adjudication within a period of 20 working days …. Normally, when there are no bidders at an auction, which is called a deserted auction, the creditor may request the adjudication of the property in his favor.
Who pays the amount claimed in an auction?
22- At any time prior to the approval of the auction or the award to the creditor, the debtor may pay in full what is owed to the executor for principal, interest and costs and release the seized or mortgaged property.
Boe Auction without minimum bid
These hypotheses are regulated in article 671 of the Civil Procedure Law. This article establishes the distinction between the amounts at which the creditor can be awarded the property, depending on whether or not it is the debtor’s habitual residence.
If it is not the debtor’s habitual residence, the creditor may request the adjudication for 50% of the value at which the property would have been auctioned or for the amount owed for all concepts.
If it is the debtor’s habitual residence, the award will be made for an amount equal to 70% of the value for which the property would have been auctioned or, if the amount owed for all items is less than this percentage, for 60%.
Normally, when there are no bidders at an auction, which is called a deserted auction, the creditor will request the adjudication of the property in its favor. But if he does not do it in the 20 days established, the seizure of the property will be lifted.
What is the amount claimed in an auction?
AMOUNT CLAIMED: THIS IS THE AMOUNT FOR WHICH THE PROPERTY HAS BEEN SELECTED TO GO TO AUCTION, BUT IT DOES NOT MEAN THAT IT IS THE ONLY DEBT. THIS IS THE AMOUNT FOR WHICH THE PROPERTY CAN BE AWARDED DIRECTLY TO US, WITHOUT THE INTERVENTION OF EITHER THE EXECUTED PARTY OR THE CREDITOR.
Who can bid in an auction?
Any citizen, after registering in the Auction Portal of the Official State Gazette (BOE) with the electronic ID card and providing their bank details for deposits, may bid.
Who can participate in a judicial auction?
Auctions are public.
Any interested citizen who registers in the Electronic Auction Portal in the Official State Gazette may participate in an Electronic Judicial Auction.
Award at auction
In the same proceeding, the return of the sums deposited shall be ordered to those who deposited them, except for that which corresponds to the auctioneer, which shall be reserved as a guarantee of his obligations for the purposes of the following article. Likewise, the return shall be ordered immediately when for any reason the auction does not take place.
When the property that is the object of the proceeding has been divided into lots, if the price obtained from the auction of one or some of them is sufficient for the payment to the creditor, the auction shall be limited to these in the order in which the bids have been made.
PARAGRAPH: Electronic bids may be made under the responsibility of the judge or the person in charge of conducting the auction. The system used to carry out the bidding shall guarantee the principles of transparency, integrity and authenticity. The Administrative Chamber of the Superior Council of the Judiciary, with the support of the Ministry of Information and Communication Technologies, shall regulate the implementation of the electronic auction.