A Study on Real Estate Private Auction

The essence of the civil execution such as judicial foreclosure is sales. But civil execution system, unlike the contract for sale, doesn't ensure the maximum benefit to the creditors and debtors, but realize creditor's claim fairly by force ensuring his second best interests. Therefore current civil execution system have limits immanently that lower efficiency and economics than contract for sale. Real estate private auction that came into being spontaneously by market is only at an early stage, that it lacks analysis on its legal relations, the right function and adverse effect, etc. Yet it has many merits, for example reduction of the period spent on transactions, guarantee of reasonable purchase price through competitive bidding, enhance the safety of transactions through rigorous analysis of the right. This article was examined in terms of two viewpoints about real estate private auction. The first is on its appropriateness and legal relations of contract of real estate private auction, the second is a review on the possibility of transfer contract of real estate private auction to parts of judicial foreclosure. Current contract of real estate private auction is taken effect only kinds of contract without basis of law. So I examined contract of real estate private auction by method of contract law, and proposed possibility of transfer real estate private auction to as a optional parts and preceding process of judicial foreclosure process. But, this article is only sketch on real estate private auction as a new system against traditional judicial foreclosure process. So, I think it's needed to be studied more detail and concretely about its systematization.