What if the court auction house fails in the first auction?

Legal analysis: According to the relevant provisions of Chinese laws, a second house auction should be organized within 60 days after the abortion of the first court auction, and the house can only be auctioned three times. It should be noted that the starting price of the second and third court auctions will drop, and the price drop cannot exceed 20% each time. Of course, after the failure of the first court auction, the executor and the executor reached an agreement to sell the property to pay off the debts without harming the rights and interests of others, and the court will allow it.

Legal basis: Article 19 of Provisions of People's Republic of China (PRC) and the Supreme People's Court on Auction and Sale of Property in Civil Execution of People's Courts. When there is no bidder or the highest bid price of the bidder is lower than the reserve price, if the application executor or other enforcement creditors present apply for or agree to accept the auction property at the reserve price set by the auctioneer, they shall pay off their debts.

If two or more enforcement creditors apply for auction of property to pay off debts, the creditor with the first legal repayment order will be given priority; If the repayment order is the same, the beneficiary shall be determined by drawing lots. If the amount of creditor's rights payable by the debtor is lower than the price of the collateral, the people's court shall order it to make up the difference within a time limit.