Auctioneers wanted

Auctioneers for mortgaged property auctions will be assigned randomly via an electronic selection system at the interior ministry, according to the auctioning regulations tabled by the government in a joint House finance and interior committee session on Monday.

The regulations will form part of the foreclosure law.

A land registry official told deputies that auctioneers will be appointed by the registry’s head, through random selection by electronic software, which will ensure that all auctioneers are appointed.

According to the official, at present the interior ministry has “10 or 15” auctioneers, and plans to recruit an additional 25.

However, the auctioneer profession is currently unregulated, which is a matter the government plans to tend to. Once an auction process is underway, the land registry official said, it may not be stopped, unless the bank considers the property’s price too low.

Property owners may not bid for properties in auction.

The finance ministry, as well as the legal service, concurred with the regulations and asked that the parliament approves them.

All parties are interested in full transparency, as well as avoiding fire-sales.