WHAT IS CONSENSUAL SELLING?
The borrower’s request to be authorized for the sale of the foreclosed property within seven days from the notification of the valuation of the asset, without waiting for a tender to be made to sell the foreclosed property, regardless of securities or real estate, is called a consensual sale.
WHY WAS A CONSENSUAL SALE NEEDED?
The foreclosed property is sold by the enforcement directorate through an auction.
In the foreclosed sale procedure, the foreclosed property is auctioned over 50% of the estimated price.
Due to the forced sale procedure, it takes quite a long time to convert the goods into money in general terms.
The creditor’s receipt of the receivable is delayed and causes it to be sold at a price lower than its actual value.
As follows; Since the tender was made over 50% in the foreclosure sale, even if the debtor’s property is valuable, it is not enough to pay the debt because it was sold at a lower value than its value at the end of the sale.
Tender and sales transactions carried out by the enforcement directorate are quite costly transactions. In addition, it continues to process interest on the receivable during this process, and thus October expenses increase.
Expenses are also covered primarily from the price received as a result of the sale. Due to this expense and interest, the income from the goods to be seized and sold decreases.
WHY SHOULD CONSENSUAL SALES BE PREFERRED?
By shortening the sales period, it prevents the loss of time and allows the creditor to get his receivables faster.
The debtor and creditor do not need to wait for a tender to be made for the sale of the foreclosed property.
By preventing it from being sold at a lower price than the fair price, it leads to the result that the foreclosed property can be sold at market value.
Although the goods were auctioned over 50% of the determined value in the foreclosure sale procedure, this ratio was increased to 90% in the consensual sale. With this arrangement, a more advantageous process has been created in terms of the rights of both the debtor and the creditor.
Due to the fact that the tender process is quite expensive, interest is charged and this cost is covered from the income generated from the sale of the goods, this process can be terminated with the least expense by the consensual sale method.
HOW CAN THE BORROWER REQUEST THE SALE BY CONSENT?
The debtor may apply to the enforcement directorate and make a request for the sale of the foreclosed property.
First of all, it should be requested to make a value appreciation for the goods for which the debtor’s value appreciation has not been made.
In the case of goods that have been appraised, the enforcement directorate is requested to authorize the debtor for the consensual sale of the goods within a period of 7 days from the date of notification.
As of the finalization of the appreciation of the value of the goods that have been appraised / to be appraised, the executive director stops the sales transactions.
The period given to the debtor for the consensual sale of the goods from the date of termination is 15 days.
HOW IS THE MINIMUM PRICE DETERMINED FOR A CONSENSUAL SALE?
The execution manager provides the takyidat documents of the foreclosed property and learns from the Jul creditor whether the receivable continues or not, and if it continues, the amount of the receivable.
The amount should be equal to 90% of the price of the foreclosed property.
Whichever is greater than the sum of the receivables secured by the goods and which the seller will receive, in addition to this amount, the follow-up costs incurred for the seized goods up to this stage cannot be less than the sum.
The minimum sale price is determined, but the creditor and the debtor can also agree on a higher price.
WHAT ARE THE THINGS THAT SHOULD BE REPORTED TO THE ENFORCEMENT DEPARTMENT?
Buyer’s information
The price agreed by the borrower and the buyer
Distinctive features of the product
HOW SHOULD THE AGREED PRICE BE PAID?
it must be notified to the enforcement department within 15 days.
The payment must be paid to the bank account determined by the enforcement office.
HOW IS THE FILE SUBMITTED TO THE COURT?
The necessary information and documents are provided to the executive director Jul.
After it is provided, the executive director sends the file to the executive court. Jul.
A decision of acceptance or rejection is made by the court, taking into account whether the conditions are formed or not.
The decision made by the court is final; the legal avenues of appeal or appeal are closed.
If the court makes an acceptance decision, the ownership of the foreclosed property passes to the buyer.
All liens on the goods are removed during the transfer and delivery operations.
If the request is rejected, the price will be refunded to the buyer’s account.
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