In the court auction market, there have been cases of successful bids at a price ten times higher than the desired price by writing one more zero on the bid table.
On the 18th of last month, a 59-square-meter apartment in Muan-gun, Jeollanam-do was sold for 1,645.8 million won.
This is ten times the lowest bid price of 164 million won.
The current asking price is also known to be around 200 million won, and the auction industry estimates that the successful bidder wrote the bid incorrectly.
He explains that because the auction process is done manually, we often mistakenly add an extra zero to the bid price.
In fact, there have been 24 cases of successful bids with a successful bid rate of over 1000% this year.
Most of the bids were incorrect.
In May, an apartment in Cheongdam-dong, Gangnam-gu, was sold for 12.6 billion won, ten times the appraised value of 1.26 billion won.
However, even if the successful bidder makes a mistake, it is difficult to cancel the sale.
You must either accidentally buy for a small amount or give up your purchase with a bid deposit equal to 10% of the minimum bid.