KAMCO Auctions Foreclosed Properties Including Apartments... Many Below 70% of Appraised Value

778 Residential Buildings and More... KAMCO Conducts Public Auction Worth a Total of 90.8 Billion KRW

Provided by Korea Asset Management Corporation

[Asia Economy Reporter Minwoo Lee] Korea Asset Management Corporation (KAMCO) is auctioning seized properties, including residential buildings such as apartments and houses nationwide.

KAMCO announced on the 18th that from the 21st to the 23rd, it will auction 773 items worth 90.8 billion KRW, including 68 residential buildings such as apartments and houses, nationwide through 'Onbid'.

These items were entrusted to KAMCO for auction by public institutions such as tax offices and local governments to collect overdue taxes. This auction includes 38% (294 items) of properties priced at 70% or less of their appraised value, which is expected to attract significant interest from actual buyers.

The new auction items will be announced on Onbid on the 23rd. Detailed information can be found on the Onbid website. KAMCO discloses auction information for seized properties and other public assets through the Onbid website and the 'Smart Onbid' application to promote free use of auction information and activate public asset transactions.

A KAMCO official advised, "Bidders should pay attention to rights analysis during the auction, and the responsibility for eviction of tenants lies with the buyer, so caution is necessary. Also, please keep in mind that the auction of the item may be canceled before bidding due to reasons such as tax payment or inability to deliver notices."

This content was produced with the assistance of AI translation services.