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House Auction

ericamai
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ericamai Rookie Member

ericamai

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The Legal Executive Department seized the house of my opponent in a criminal law suit to sell in order to compensate me for my loss of property by theft. It is now listed for auction on their led site. I see there are four dates given stretching over three months. I also note that if the property doesn't sell on the last listed date, the property is withdrawn from their list. Can anyone tell me what happens in the eventuality it doesn't sell? Can I throw them out and sell it myself, or do they just give up? 

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ericamai Rookie Member

ericamai

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On 9/24/2020 at 3:47 AM, VyacheslavKHV said:

The property will be put for sale in a new auction. 

I had spoken with a woman who is in the process of having her house repossessed by a bank from whom she'd borrowed to buy. She told me that if her property did not sell, the bank would try to sell again. By what means I was unable to elicit a response. The word 'how' is anathema to Thais. Her case differs from mine in that hers is a civil suit, mine criminal, although I'm not sure that makes a difference. She told me she had ten years before being kicked out, when some type of statute of limitations expires. 

 

In my case he led site says it takes the property off of the list after the fourth auction, but not what happens to it after. It has already been seized, so my question is, are you saying they wait a period of time before re-listing it? do you know how long that period of time is? Months? Years?

 

Thank you for taking the time to respond.

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ericamai Rookie Member

ericamai

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On 9/24/2020 at 3:55 AM, ThailandRyan said:

Why must it be sold, is this to process the judgment issued by the court. Why not just ask to have the property as is to satisfy the judgement and have the court evict them.

The court adjudicated in my favour and awarded them a prison term and me compensation for my loss. The only way the amount of compensation can be accrued is through sale of assets. If they'd had no assets, no compensation. It transpires the plaintiff in the seizure is the prosecutor, not me directly. The prosecutor then passes any proceeds of sale to me.

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ericamai Rookie Member

ericamai

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On 9/24/2020 at 4:12 AM, Peterw42 said:

I imagine you haven't got this far without a lawyer, why dont you ask them.

Of course. I have had a veritable plethora of 'had your money now do the work yourself' lawyers. But let's not get sidetracked shall we.

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scorecard Star Member

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On 9/25/2020 at 11:35 AM, ericamai said:

I had spoken with a woman who is in the process of having her house repossessed by a bank from whom she'd borrowed to buy. She told me that if her property did not sell, the bank would try to sell again. By what means I was unable to elicit a response. The word 'how' is anathema to Thais. Her case differs from mine in that hers is a civil suit, mine criminal, although I'm not sure that makes a difference. She told me she had ten years before being kicked out, when some type of statute of limitations expires. 

 

In my case he led site says it takes the property off of the list after the fourth auction, but not what happens to it after. It has already been seized, so my question is, are you saying they wait a period of time before re-listing it? do you know how long that period of time is? Months? Years?

 

Thank you for taking the time to respond.

 

Perhaps (repeat perhaps) if the property isn't sold at the end of 4th process the sellers would then look at any offers.

 

I recall a lawyer mentioning some years ago that property seized by the government or a bank etc., cannot be sold in a situation something like; there's 1 bidder and the bid lodged is way way under a sensible/logical amount of money. 

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Orton Rd Platinum Member

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7 minutes ago, scorecard said:

 

Perhaps (repeat perhaps) if the property isn't sold at the end of 4th process the sellers would then look at any offers.

 

I recall a lawyer mentioning some years ago that property seized by the government or a bank etc., cannot be sold in a situation something like; there's 1 bidder and the bid lodged is way way under a sensible/logical amount of money. 

Well I know that is not right, big detached sold just up the road at a so called auction last month, one person there who just happened to be head of the residents committee. First bit accepted as nobody else there- only he knew about it and he got it almost half price

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alacrity Advanced Member

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6 hours ago, Orton Rd said:

Well I know that is not right, big detached sold just up the road at a so called auction last month, one person there who just happened to be head of the residents committee. First bit accepted as nobody else there- only he knew about it and he got it almost half price

Without a reserve price at auction, it's possible that the assets can be sold for peanuts.

However, the outcome requires the legitimate owner to permit a concession of the reserved price (lift the reserve price). It all depends on their set minimum value for recovery.

Doubt the OP's friend will now have any significant influence on that. Perhaps a second 'Hail Mary' negotiation could be possible if the auction collapses.

 

Best that the OP has a conversation with the true owner, without committing to anything. Asking for any terms to be put in writing. Then visit a lawyer and file accordingly.

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ericamai Rookie Member

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On 9/26/2020 at 6:35 AM, alacrity said:

Without a reserve price at auction, it's possible that the assets can be sold for peanuts.

However, the outcome requires the legitimate owner to permit a concession of the reserved price (lift the reserve price). It all depends on their set minimum value for recovery.

Doubt the OP's friend will now have any significant influence on that. Perhaps a second 'Hail Mary' negotiation could be possible if the auction collapses.

 

Best that the OP has a conversation with the true owner, without committing to anything. Asking for any terms to be put in writing. Then visit a lawyer and file accordingly.

Did you even read my, the OP's post? How likely is it the OP is going to have a conversation with the 'true owner' aka Thief, given the aforesaid had been given a prison term and the house (asset) has already been seized to pay off, at least in part, the debt of compensation owing to me, the OP? And why would it be necessary given the aforementioned? Which of course includes a reserve price set by the Legal Executive Department.

 

It appears no one here knows either so I will bid you all adieu and just wait and see.

 

 

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Nelson52 Apprentice Member

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The reserve is reduced in each auction by 10% and buyers often wait until the 3rd or 4th auction to get a better price. I have dealt with this situation before, although as a buyer, and would be happy to give you any help I can or pass you on to the lawyer I used.

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Max69xl Gold Member

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On 9/25/2020 at 8:35 AM, ericamai said:

I had spoken with a woman who is in the process of having her house repossessed by a bank from whom she'd borrowed to buy. She told me that if her property did not sell, the bank would try to sell again. By what means I was unable to elicit a response. The word 'how' is anathema to Thais. Her case differs from mine in that hers is a civil suit, mine criminal, although I'm not sure that makes a difference. She told me she had ten years before being kicked out, when some type of statute of limitations expires. 

 

In my case he led site says it takes the property off of the list after the fourth auction, but not what happens to it after. It has already been seized, so my question is, are you saying they wait a period of time before re-listing it? do you know how long that period of time is? Months? Years?

 

Thank you for taking the time to respond.

Why not ask The Legal Executive Department? 

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4MyEgo Diamond Member

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On 9/28/2020 at 6:44 PM, ericamai said:

It appears no one here knows either so I will bid you all adieu and just wait and see.

I don't know if this has any relevance but before I retired 5 years go, my former position was that of a property valuer (25 years), prior to that I was a real estate agent for a decade, although this was in Oz.

 

The way it worked there was that if the banks or courts took a property into possession to dispose for a debt owed to a bank or someone else (you) in this case, they would have to call in two independent property valuers to provide them with a detailed property valuation report so as to please the courts standard procedures when taking a property into possession, this is just to make sure all is above board and the courts only recognise valuations from qualified property valuers, not real estate agents. No need for the banks to get the courts permission to auction the property if there is debt owed on it and the mortgagee has failed to repay the loan, it is standard practise to auction a property if taken into possession whether it's via a bank or a court for compensation, the valuation reports are there in case there is a dispute after the sale. 

 

Once the banks or courts would obtain the valuations the would then select a real estate agent to auction the property and it had to reach the higher valuation at auction, i.e. (no valuation is equal) and if it did reach the reserve or more, the auctioneer would announce that it was "on the market" and then knock the hammer down to the highest bidder after calling it for the 3rd time with the word sold, however if it didn't reach the reserve (the highest valuation) it would be passed in favor to the highest bidder who had the first right to negotiate with the real estate agent, usually a 24 hour window to negotiate, if that failed, the 1st (highest) and 2nd (lower) valuation would be provided, and if the buyer agreed to the 2nd figure he could buy it under the auction conditions (unconditional), if he didn't want to pay that, then it was offered to all interested parties thereafter that attended the auction or others that showed interest in the property, in that order.

 

If all of the above failed the property would be listed for sale with either an asking price, usually higher than the lower valuation allowing for negotiations to reach that valuation figure.

 

The banks/courts in Oz cannot sell a property for less than the 2nd valuation in the above order, and it MUST be offered at public auction and be sold in that way so that the owner may realise a higher figure than the valuations if there are enough interested parties, if not it goes to sale by private treaty.

 

Another way is, if the owner is approached by the bank and signs over the property to the bank, e.g. highest valuation is 1 million, owner owes the bank $900,000 and the banks offers him the $100,000 being the difference, this can happen in a quiet market if the property at auction fails then after being listed for sale by private treaty for a while and fails to sell. 

 

If that is the case, then the bank might decide to lock it up and wait for the market to lift later and sell it for the million dollars it is owed or try and make a profit if the market is booming, it could also lease the property out, either way the banks get two more valuations so as to keep themselves honest internally, and usually go down the public auction route (public record). 

 

Like I said, this is the way it works back in Oz, but I would imagine that for a price to fixed to the property here, it would have had to have be appraised/valued by someone qualified otherwise how would they know what the real value of it is ? 

 

Hope this helped ?

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