The Auction Process

• The courts process distressed properties and list all properties available for public tender.
• The court establishes the value (usually very underrated).
• A deposit is necessary to place a bid.
• Bids are accepted until a specified time.
• About one week after the bidding period finishes, the bids are opened in public and all bids are posted.
• The highest bidder wins the right to purchase the property.
• Unsuccessful bidders have their deposits returned in full.
• The balance is usually due within one month for the winning bidder.