Legal analysis
If a house that cannot be auctioned by a bank needs to be auctioned for three times, the people's court shall issue an auction announcement within seven days from the end of the third auction. If no buyer is willing to buy the property at the reserve price of the third auction within 60 days from the date of announcement, and the application executor and other enforcement creditors still refuse to accept the property to pay off their debts, the seizure and freezing shall be lifted and the property shall be returned to the person subjected to execution, except that other enforcement measures can be taken for the property. When there is no bidder in the auction 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 auction, they shall hand over the property to their debt paying lawyers. If there are more than two executing creditors who apply for auction of property to pay off debts, the creditors with priority in legal repayment order shall bear it first; If the compensation order is the same, the method of receiving compensation shall be decided by drawing lots. If the amount of creditor's rights payable by an enterprise operator is lower than the price of collateral, the people's court shall order it to pay the difference within a time limit.
legal ground
Provisions of the Supreme People's Court on Auction and Sale of Civil Execution Property by People's Courts
Article 28 The people's court may, according to the provisions of Article 19 of these Provisions, transfer the real estate or other property rights that are still auctioned in the second auction to the application executor or other enforcement creditors to pay off debts. If the application executor or other enforcement creditors refuse to accept or fail to pay off the debts according to law, the third auction shall be held within 60 days. If the third auction fails and the applicant executor or other enforcement creditors refuse to accept the real estate or other property rights to pay off debts according to law, the people's court shall issue a notice of sale within seven days from the end of the third auction. If no buyer is willing to buy the property at the reserve price of the third auction within 60 days from the date of announcement, and the application executor and other enforcement creditors still refuse to accept the property to pay off their debts, the seizure and freezing shall be lifted and the property shall be returned to the person subjected to execution, except that other enforcement measures can be taken for the property.