South African Skeptics

Amalgamated Bull Shit Artists

Gogtjop · 48 · 28711

Offline Hermes

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The way I understand it, these would be "attached" rather than "repossessed" properties.  The bank obtains a court order for the sheriff to attach the property.  The bank's lawyers place a classified legal notice in the newspaper and the sheriff then auctions the property and reimburses the bank/creditor(s).  The bank cannot put a reserve price on it, but may compete in the auction.  It differs from voluntary auctions where a private auctioneer is involved and the seller can set a reserve price or can opt to reject the highest bid.
My thoughts, my beliefs, my feelings are all in my brain.  My brain is going to rot. - Richard Dawkins

Offline Mefiante

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  • In solidarity with rwenzori: Κοπρος φανεται
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"Sensitive" people are now carefully examining the entire universe, trying to find something to be "offended" at. It won't stop until such time as the "offenders" learn to stop apologizing, and saying "freck off" instead. — brianvds, The ShoutBox Classics, 02/07/2018.