KAMCO Auctions 1,099 Seized Properties Worth 119.6 Billion Won

Bidding from the 5th to the 7th for 3 days... Announcement on the 8th

Korea Asset Management Corporation (KAMCO) will auction 1,196 billion KRW worth of 1,099 seized properties through Onbid over three days from the 5th to the 7th.

The auction of seized properties is an administrative procedure in which public institutions such as tax offices and local governments sell properties seized to collect overdue national and local taxes through KAMCO.

The auction covers all seizable items including real estate such as land and houses, as well as movable assets like automobiles, precious metals, and securities. Auction items for each round can be checked on the Onbid website under ‘Real Estate or Movables > Announcements > KAMCO Seized Properties.’

This auction will sell 990 real estate items and 109 movable assets. Among them, land including forest land accounts for the largest number with 601 cases. Residential buildings such as apartments and houses will also be auctioned, totaling 124 items including 67 located in the Seoul and Gyeonggi metropolitan areas. Movable assets such as automobiles and precious metals will also be sold. Of all items, 645 are priced at 70% or less of their appraised value.

However, bidders should pay close attention to rights analysis during the auction, and the responsibility for evicting tenants lies with the buyer, so caution is required. Auctions may be canceled before bidding due to reasons such as tax payment or undeliverable notices. Bidders should thoroughly review official records and conduct on-site inspections before participating in the auction for the desired items.

KAMCO’s seized property auctions can be participated in via Onbid or the Smart Onbid application (app). Bidding is conducted at two-week intervals per round, and if an item fails to sell, the auction starting price will be reduced by 10%.

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