Foreclosure Auctions of boats
In a foreclosure auction, a boat is offered through a forced sale, often due to financial problems such as a mortgage arrears. In collaboration with Vastgoedveiling, Boatauction ensures a transparent and legally correct process, supervised by a notary and recorded in the Land Registry.
What is a Foreclosure Auction?
An execution auction is a public sale where a boat serves as collateral for outstanding debts. Based on the mortgage law, the creditor, often a bank, is allowed to sell the vessel without court intervention. This process follows a legally established procedure with notarial guidance and formal registration in the Land Registry.
Specifically for this type of sale, Boatauction and Vastgoedveiling work closely together. While Boatauction brings nautical expertise and a network of buyers, Vastgoedveiling ensures a legally sound auction process. This way, we offer a transparent and professional solution for the sale of boats under execution.
How does a Foreclosure Auction work?
The auction process consists of two phases: bidding up and knockdown, also known as descending bid. This traditional Dutch auction model guarantees a transparent, fair, and public sale.
- Bidding Up Phase
Interested buyers bid against each other. The highest bidder is noted as the ‘plok’. - Descending Bid Auction
The auctioneer announces a higher amount than the highest bid from the bidding up phase and decreases it step by step. If someone calls out “mine”, the boat is sold for that amount. If not, the highest bidder from the bidding up phase wins.
The process is legally binding, with supervision by a notary and registration with the Land Registry.
Rules for Foreclosure Auctions
An execution auction has different conditions than a regular boat auction. Here are the main rules:
- Notarial guidance
For legal certainty during transfer and payment. - Plokgeld
The 'plok' receives a fee if the boat is awarded to another in the knockdown phase. - No prior viewing
In many cases, viewing is not possible. The boat is sold in its current condition (“as is”). - Note: auction may be canceled
Auctions can be canceled until the last moment. Keep a close eye on our website or sign up for updates.
Also want to sell a ship through a Foreclosure Auction?
Is your client, or are you the owner of a boat that must be sold due to seizure or other legal circumstances? Then Boatauction offers the right support. We guide nautical foreclosure auctions from A to Z, in collaboration with Vastgoedveiling.
With our market knowledge and a large network of buyers, we ensure a sale that is professional, legally correct, and efficient. Contact us without obligation to discuss the possibilities.
The current offerings - Foreclosure Auctions
Looking for an interesting buying opportunity? Below you will find the current selection of ships that will soon be auctioned. Each auction is conducted under the supervision of a notary and follows a carefully regulated process.
