In case of an auction by a mortagee (foreclosure auction pursuant of article 3:268 BW (Dutch Civil Code)) there is the possibility to put in a private offer on the property up to 14 days prior to the ascending auction. This offer has to be in writing and unconditional. It can then be sent to the auction notary, who supervises the auction. Reservations for example ‘if the bank is willing to finance’ or ‘if I sell my own property before a certain date for a minimum price ‘x’ ‘ cannot be allowed.
When the morgagee or the owner of the foreclosed property wishes to accept one of the private offers made, it can be submitted to the court for approval in the form of a sales agreement. When a sales agreement has been submitted the auction will be postponed. When the court approves the sales agreement, the sale is established and the auction will be cancelled.
A private foreclosure sale (meaning: non-public) is not possible when the legal grounds for the auction is a repossession.
What is a private (foreclosure) offer?
Written by BVA Klantenservice. Updated over a week ago
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