아파트경매에서 낙찰가율의 결정요인에 대한 연구－ 임차인의 유형별 특성을 중심으로 －

Abstract

In this paper, we study the highest bid price determination mechanism of the court auction markets for apartments that are under distraint because of the insolvency of the owner of the apartments. In addition to the typical variables used in previous literatures on the determination of highest bid price, we add the variables that represent the characteristics of the tenants categorized by the priority order of the tenants' deposits in the distribution process of the money obtained from the auction of the apartments. Unlike our general perception, the results show that the presence of pretense tenants on the priority list of the distribution of dividend from the auction hardly affects the determination of the highest bid price. In addition, the presence of legal counter power of tenants against the landlord does not affect the highest bid price, either. The first policy implication of this paper is that to set up a fair institutional mechanism in court auction market for apartments under distraint, the auction court needs to ask the applicant of the auction to prove whether the listed tenants are true to eliminate the pretense tenants. The second policy implication is that the court needs to disapprove the seniority of the pretense tenants' claim on the distribution of dividends from auction of the apartments.