Overbid
The outdid is a term from the Austrian Enforcement Code and serves the purpose to achieve the maximum commercial opportunities in a foreclosure.
If only a highest bid of 3/4 of the estimated value was achieved in the foreclosure auction, it is possible to submit an overbid within 14 days of the public announcement of the knockdown. This must then be pointed out in the edict file. The overbid must be at least 1/4 of the highest bid so that at least the estimated value is reached again. At the same time, the court must be offered that a quarter of the amount offered will be paid as security. The security must then be made within 7 days of the court request by a judicial or notarial deposit either in cash or savings certificates. The overbid is only valid if the security offered has been provided and this has been proven to the court. The person who initially emerged from the foreclosure auction as the buyer can invalidate the overbid by increasing his highest bid to the amount of the overbid within 3 days. If the overbidder does not pay the required security within the stipulated period, a fine will be imposed, which can amount to up to 10,000 euros. An undetermined overbid is simply rejected. Once an overbid has been submitted, it cannot be withdrawn.