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AUCTION

Auction held on behalf of a government, bank or similar entity in which the property to be auctioned is either property owned by the government, or property which is sold under the authority of a court of law or a government agency with similar authority.

Sale of property owned by the government
Government property sold at public auction may include surplus government equipment, abandoned property over which the government has asserted ownership, property which has passed to the government by escheat, government land, and intangible assets over which the government asserts authority, such as broadcast frequencies sold through a spectrum auction.

Public auctions of government property may be conducted by whichever agency is auctioning the property. Some substantial items have been sold at public auction. For example, the United States Navy cruiser USS Philadelphia (C-4) was sold at such an auction at the Puget Sound Navy Yard in 1927.

Sale of private property in a public auction
Private property may be sold in a public auction for a number of reasons. It may be seized through a governmental process to satisfy a judgment rendered by a court or agency, or to liquidate a mortgage foreclosure, tax lien, or tax sale. Usually, prices obtained at a public auction to satisfy a judgment are distressed - that is, they are much lower than the price which would be obtained for that property if the seller were free to hold out for an optimal time to sell. In the United States, public auctions to satisfy judgments are usually conducted under the authority of the sheriff of the county or city in which the property to be auctioned was seized pursuant to the judgment, and an auction held for such a purpose is also called a Sheriff's sale.

Real property may be subject to a public auction in order to partition the property between joint tenants who can not agree as to how the property should be divided. An estate sale conducted at the direction of a probate court may also be conducted as a public auction.

Forced sale

A Forced Sale of Real Estate is an action taken in a civil court forcing the owners to sell the property at issue and divide the profits. The profits are divided, generally under a reliance damages theory, that would best restore the owners to the position they would have been in had the contract never been entered into

Why forced sales occur
Forced sales generally occur because of the parties' inability to agree upon certain aspects of the ownership. Property can be owned by more than one person either as joint tenants, tenants in common, and in some states tenants by the entirety.. The choice of which tenancy to enter into is made by the parties at the time of purchase. With each, every owner has the right to occupy the whole. That means that an owner is not allowed to designate certain rooms as their own and so on. Each element of the property is enjoyed fully by all parties.

When a disagreement occurs the court is usually reluctant to hear the claim immediately. The owners may disagree how to use the property, the amount of money to invest into the property, or are depriving other owners their right to occupy the whole of the property. If the parties cannot come to an agreement, the case moves to court.

Calculating damages
To initially divide the damages the court will look at the percentage owned. For example, if Owners A, B and C own a property as tenants in common, where A owns 50%, B owns 25% and C owns 25%, a forced sale of $100,000 would be split $50,000 to A and 25,000 to B and C. However, after the initial determination, the court may bring in other factors. For example, if A made reasonable and necessary renovations and was never reimbursed, the court may reimburse A from the awards to B and/or C. Generally frivolous improvements to the property are not reimbursed.

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