Private individuals can make online bid at Dutch foreclosure auctions

Private individuals can make online bid at Dutch foreclosure auctions

In the near future, private individuals will be able to make online bids for homes at foreclosure auctions.

That will reduce the risk of homes being sold at a price below or far below the market value, and it offers private individuals greater opportunities at auctions. This is laid down in a bill submitted by Minister Opstelten to the Dutch Lower House.

It is mostly dealers that control the market and that often keep the price low. Banks suffer losses and the former home owners are left with a residual debt, because the proceeds of the auction are not enough to pay off the mortgage in full. The Minister wants to change that.

Source: Dutch government

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