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A Study on the Risk Factors Determining the Performance of Real Estate Auction-Using an AHP Technique

Moon Heemyung 1 Seon-Jong Yoo 2

1강원대학교 부동산학과
2건국대학교

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ABSTRACT

The real estate auction is special way of obtaining property right of real property. Even though it can be offered by private parties, we, in this research consider only real estate auctions offered by the court. Due to inherited uncertainty in bidding process and ever changing economic environments during reversion stage, it is arguably deemed to be riskier than any other real estate investment methods. We stratified into three categories the uncertainty surrounding the whole auction process from bidding to reversion: Internal risk factors, External risk factors, and Expectation failure that is, building a wrong expectation about future reversion price of the property won. We modeled expectation failure at the level of each individual bidder. We use typical AHP method to factor them out and succeed to rank them in a line based on above-mentioned three risk stratification. The questionnaire consists of multiple parts following mainly risk factor classification instead of time sequence from bidding to making profit as in other previous literatures.

Citation status

* References for papers published after 2022 are currently being built.