"I'll buy a KRW 1.8 billion apartment for KRW 17.2 billion"... Supreme Court changes auction bid form after repeated entry errors
New court auction bid form to be used starting November 2
Errors continue, including a KRW 17.2 billion bid on a KRW 1.8 billion apartment
The court has decided to change its auction bid form to reduce the series of errors made when filling it out.
On October 30, the National Court Administration of the Supreme Court announced that a revised court auction bid form, with an improved field for entering bid prices and an added warning, will be used in court auctions starting November 2.
On the old form, the fields for the bid price and deposit were side by side, and the spaces for entering numbers were narrow. This led to repeated mistakes, such as adding an extra “0.” In some cases, a bidder won an apartment worth around KRW 1.8 billion with a bid of KRW 17.2 billion, or intended to bid KRW 77 million but entered KRW 770 billion, suffering a loss.
Court Auction Bid Form Undergoes Comprehensive Overhaul
Provided by the National Court Administration Office
The new form places the price fields one above the other and provides more space for entries, making mistakes easier to spot. It also separates the fields so the number of digits in the deposit and bid price can be seen at a glance, with each digit indicated above its field. A warning directly below the bid-price field says, “Please take care not to enter an extra ‘0.’”
The National Court Administration said, “We will continue to improve related systems and procedures to protect the rights and interests of participants in auction proceedings, including bidders, and help them take part in auctions with greater confidence.”
Earlier, in June, a unit measuring 144 square meters on the 24th floor of Yeongdeungpo Art Xi in Dorim-dong, Yeongdeungpo-gu, Seoul, sold for KRW 17.296 billion at an auction held at the Seoul Southern District Court.
According to GG Auction, a specialist in real estate auction and public sale data, and the court auction information, the apartment had been appraised at KRW 1.88 billion. After failing to sell at auction once in April, its minimum bid had fallen to KRW 1.504 billion. The sale price was 920% of the appraised value.
Six people submitted bids at the auction. The second-highest bidder offered KRW 1.85004 billion, or 98.41% of the appraised value, which was KRW 15.44596 billion below the winning bid. Industry observers believe the winning bidder intended to offer KRW 1.7296 billion but added an extra “0.”
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Four days after the auction, the winning bidder submitted an application to the court to deny approval of the sale, along with a petition. However, a mistake in filling out the bid form is not grounds for denying approval of the sale, so the process of paying the remaining balance may proceed. If the bidder withdraws without paying the balance, they will forfeit the bid deposit, which is 10% of the minimum bid. In this auction, the deposit was KRW 150.4 million.
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