{"id":6796,"date":"2024-08-14T16:08:46","date_gmt":"2024-08-14T14:08:46","guid":{"rendered":"https:\/\/www.appartement.be\/voluntary-vs-forced-public-sale\/"},"modified":"2024-08-14T16:08:46","modified_gmt":"2024-08-14T14:08:46","slug":"voluntary-vs-forced-public-sale","status":"publish","type":"post","link":"https:\/\/www.appartement.be\/en\/voluntary-vs-forced-public-sale\/","title":{"rendered":"Voluntary vs. forced public sale"},"content":{"rendered":"

The difference between a voluntary and a forced public sale lies mainly in the circumstances and reasons why the sale takes place. In this article, you will find out how the two differ and discover the advantages and disadvantages of both. <\/span><\/i><\/p>\n

Voluntary public sale<\/b><\/h2>\n

A voluntary public sale is initiated by the owner of the property. This means that the seller himself has decided to sell his property by auction. <\/span><\/p>\n

There are several reasons to choose a public sale. For one, you have a quick and transparent sale. In addition, you have a chance of getting a better market price because several potential buyers are bidding against each other. Moreover, the seller has control over the process and can determine the terms of the sale, such as the auction date, in consultation with the notary. Finally, there is more flexibility in the preparation and execution of the sale, such as scheduling viewing days and determining the sales strategy. <\/span><\/p>\n

Forced public sale<\/b><\/h2>\n

A forced public sale is initiated by a creditor, usually a bank or other lender. This happens when the owner cannot pay off his mortgage or other debts. <\/span><\/p>\n

The main reason for a forced public sale is to settle the owner’s debts. The goal is to use the proceeds of the sale to pay off outstanding debts. <\/span><\/p>\n

Unlike a voluntary public sale, the owner has little to no control over the process. The sale terms, starting price and auction date are determined by the creditor and the notary. <\/span><\/p>\n

In addition, there is often a greater urgency to sell the home to settle debts as quickly as possible. This can result in a lower sales price because the main goal is to generate cash quickly. <\/span><\/p>\n

\"Public
Image: Broker with sales sign and contract in hands<\/figcaption><\/figure>\n

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Agreements<\/b><\/h2>\n

Despite the differences, there are also similarities between voluntary and forced public sales:<\/span><\/p>\n