Alibaba real estate auction process:

1. Account registration

The bidder needs to have a Taobao and Alipay account, and must be authenticated by real name, and use the account to participate in the auction (the same as corporate bidders). If the bidder does not want to participate in this auction in his own name, he can entrust someone else's account to bid on his behalf, but before the auction, the entrusting party and the entrusting party need to go to the disposal agency to handle the entrustment procedures on site.

2. Registration and deposit

The auction requires a deposit. The time for paying the deposit is stipulated by the online auction platform. Alibaba stipulates that the deposit can be paid before the end of the auction. Some platforms require payment before the auction begins. Generally, bidders can pay through bank online banking, and Alibaba allows payment through Alipay.

The amount of the deposit is determined by the court. According to the law, it shall not be less than 5% of the appraisal price or market price, and no more than 20%. It is usually about 10% of the starting price. Sometimes, no deposit is collected for bids below 100 yuan. In addition, the applicant for execution does not need to pay a deposit to participate in the auction.

3. Participate in the auction

If it is the first time to participate in the online auction, the author recommends that the bidder carefully understand the auction rules of the network platform, pay attention to the starting price, the bid increment, the bidding rules, the auction cycle, and especially the delay cycle. According to the provisions of the Supreme Court, if you bid within five minutes before the end of the auction, the auction end time will be extended by 5 minutes based on the bidding time, and each bid within 5 minutes will trigger a delay.

This is to prevent the last minute from appearing and causing other bidders to lose the opportunity to bid again, so as to ensure fairness. The delay cycle rule is a legal requirement and all platforms must comply with it. In addition, according to judicial interpretation, the starting price of the online judicial auction is the reserve price, the first bid can only be the starting price, and one person is allowed to bid and the transaction is completed.

In the past, the reserve price, that is, the reserve price, was generally not disclosed in traditional on-site auctions, and it was stipulated that no less than two people participated in the auction to be effective. The starting price of the online judicial auction is determined by the court, and according to the latest regulations, it shall not be lower than 70% of the appraisal price or market price.

It is worth noting that according to the Auction Law, the client must withdraw the bid before the auction begins, and the bidder cannot withdraw the bid once the bid is made. However, the 2017 Online Auction Regulations made changes to allow the court to temporarily suspend or postpone the auction during the bidding process, which means that the auction may be stopped one second before the end of the auction.

And even if the auction is over, the court can also cancel the auction according to law if there are statutory reasons. There are many reasons for suspension or withdrawal, but the Online Auction Regulations allow parties whose legitimate rights and interests are damaged due to withdrawal to apply for state compensation or sue other entities separately.

In addition, bidders should also pay attention to whether there is a preferential purchase right holder. The preferential purchase right holder for real estate is usually the lessee of the real estate.

4. Successful bidding

After the successful bidding, the deposit will be automatically transferred to the court's Alipay account as part of the transaction amount. The bidders then pay the court according to the time and payment method required by the court's auction announcement. The payment deadline in the announcement is generally 7 to 15 days after the auction ends.

After the payment is made, it will generally take about ten working days to contact the court or wait for the court to contact you to sign the "Auction Transaction Confirmation". After signing, you will receive the "Civil Ruling" and "Notice of Assistance in Execution" and other materials, and handle the transfer procedures, payment and delivery by yourself.

5. Bidding Failure

In traditional on-site auctions, if the auction fails, it will take three to five days for the bank to refund the deposit. For online auctions, if the deposit is refunded through a third-party payment platform, as long as the auction ends, it will basically be refunded to the account immediately.