Legal analysis: The first and second auctions of the court auction rules are collectively referred to as auctions. The announcement period for both is one month, and the bidding cycle is 24 hours. The starting price of a lot is determined by the people's court with reference to the appraisal price. If no appraisal is made, it is determined according to the market price, which is generally not less than 80% of the appraisal price and the market price. If the first auction fails (referring to the auction target that no one bids for), it will enter the second stage, the second auction. The price of the second lot is usually lower than that of the first lot, usually 10-20 RMB less than the starting price of the first lot. If the auction fails again at this time, it will enter the third stage, which is what we mentioned earlier, selling. The announcement period for the sale is the same as one month, and the price is the starting price of the second auction. What is different from auctions is the selling cycle and bidding cycle. The selling cycle is generally 60 days. You can sign up to bid at any time during these 60 days. After bidding, a 24-hour bidding cycle will begin. After the bidding cycle ends, the highest bidder will win.
Legal basis: "Regulations of the Supreme People's Court on the Auction and Sale of Property in Civil Execution by People's Courts" Article 3 When the people's court auctions the property of the person subject to execution, it shall entrust an auction agency with corresponding qualifications to conduct it, and The auction agency shall supervise the auctions, unless otherwise provided by laws and judicial interpretations. Article 4 of the "Regulations of the Supreme People's Court on the Auction and Sale of Property in Civil Execution by People's Courts" shall entrust an appraisal agency with corresponding qualifications to conduct price appraisal for the property to be auctioned. If the value of the property is low or the price is easy to determine according to ordinary methods, no appraisal is required.