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MANUAL FOR BUYERSLegal execution Department27 4. Bidding of Immovable Property (land, land with building, and condominium etc.)%u0009 %u0009 1)%u0009Beforethebiddingstarts,theexecutingofficergivesbriefexplanationofthebiddingprocessandconditionsofbidding,thenrunsthebiddingaccordingtotheorderindicatedintheannouncement.%u0009 %u0009 2)%u0009Theexecutingofficerreadsdetailsofeachcaseandtheannouncementofbidding,thenchecksifanyinterestedperson,suchasthejudgmentcreditorandthejudgmentdebtor,arepresent.Theexecutingofficerthendeclaresthestartingpricewhichisthefairandreasonablepriceforsuchbidding.%u0009 %u0009 3)%u0009DeterminationoftheStartingPrice%u0009 %u0009 %u0009 3.1Indeterminingthestartingpriceinthefirstauction,theexecutingofficerusesthepricedeterminedbythePriceFixingCommittee.Ifsuchpriceisnotavailabletheappraisalvaluesetupbythepropertyvalueappraisalofficerwillbeused.Ifnosuchappraisalvalueisavailablethentheappraisalvaluesetupbytheexecutingofficerwillbeused.%u0009 %u0009 %u0009 3.2Shouldtherebenobidderatthefirstauction,thestartingpriceforthesecondauctionisdeterminedat90%oftheappraisalvalueindicatedinNo.3.1.MANUAL FOR BUYERSLegal execution Department