Nightmare of foreclosed property auctions revives
The Economist magazine has published a report indicating that over 20,000 properties in Greece may hit the auction block this year
Banks and the state are both engaged in a push to expedite online auctions of foreclosed properties, with over 10,000 currently scheduled.
The electronic platform (www.eauction.gr) of the Independent Authority for Public Revenues has already announced 11,547 online auctions, with 500 scheduled just for today.
Economist: Over 20,000 e-auctions this year
The Economist magazine has published a report indicating that over 20,000 properties in Greece may hit the auction block this year.
That would exceed the 15,000-18,000 auctions target that Greek banks had projected for 2018 in documents filed with the ECB’s banking supervision authority, the Single Supervisory Mechanism (SSM).
It should be noted that the SSM had notified the managements of Greek banks that they should begin to expedite the decongestion of their portfolios from homes that they acquire at auction and more generally from the liquidation of assets.
Data from Greece’s four systemic banks indicate that 60 percent of auctions are carried out successfully, and 30 percent are postponed when the owner approaches the bank at the last minute to make an arrangement to pay off their debt.
Only 10 percent of auctions are canceled.
In contrast to banks, the state allows auctions το be declared unsuccessful if the market price of the property, as determined by a valuator, is not reached.
If two auctions are declared unsuccessful, the property can be sold a rock bottom price.
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