| 摘要: | 台灣雖然歷2008年之金融危機，使得房屋市場價格跌入谷底，但只是短暫現象，短短幾年的光景，房價在炒作之下，迅速逐年攀升，唯政府視其為影響國家經濟發展之洪水猛獸，為了抑制房價，政府連續執行多項政策：實價登錄、奢侈稅、豪宅稅、容積管制及房地合一稅等，房地產市場景氣越好，擁有者可以輕而易舉的將手中的房地產比之前購買的單價高出許多出售，因此法拍的物件便減少。反之如果房地產的價格下跌，因為脫手不易因此法拍的物件便增多。由於法拍標的物的價格總是低於房地產市場行情二至三成，甚至到五成，只要操作得宜，總是有不錯的獲利空間；只是高獲利，相對也高風險，其所隱藏的危機是投資者必須審慎評估的，這就是作者作此研究之主要動機。
本研究選擇台灣新竹地方法院四個個案作為研究對象，深入探討投資法拍房地產的有關不點交各種態樣，分析所面對的問題與因應對策。本研究以質性方法進行個案研究分析，採用深度訪談個案業者以及次級資料的蒐集取得研究資料。
經本研究深入分析探討後，對本研究個歸納出以下結論：(1) 不點交案件高利潤高風險必須做審慎評估；(2) 評估法律訴訟時程為獲利關鍵。針對有興趣投資法拍房地產者本研究提出建議：(1) 關注政府政策之影響；(2) 不走短線獲利；(3) 了解標的做好資料蒐集，降低風險程度。
對於未來研究方向之建議包括：(1)追蹤觀察政策執行之成效；(2) 改採量化分析，其結果更具意義。(3) 未來產業發展之研究。
本研究在過程中，以嚴謹的態度進行相關文獻的回顧，次級資料之蒐集、探討個案不點交分析與處置的方式，並使用質性分析方法歸納出研究結論，然而本研究仍存在若干限制，包括：(1) 研究方法的限制；(2) 研究標的具區域性的限制。(3) 涉及營業秘密，訪談者多有所保留。;Owing to the global financial crisis in 2008, the housing market of Taiwan had fallen to the bottom. However, the housing market depression was a temporary phenomenon. Within only few years, house price was speculated and grown rapidly to such an extent that the government regarded it as the monster seriously affecting the economic. In order to inhibit house price, the government undertook several polices including the real value registry, the luxury tax, the luxury residence tax, the building bulk control, and the integrated housing and land tax system. In a prosperous real estate market, a house owner can easily sell his/her house at a price much higher than the price at which he/she bought the house, and the foreclosure houses (the court auction houses) thus decrease. In a depressed real estate market, a house owner is hard to sell his/her house, and the foreclosure houses thus increase. The price of a house in a court auction is 20-30 percent or even 50 percent lower than the price in the housing market. An investor can always earn considerably from foreclosure houses as long as he manages appropriately. However, high profit implies high risk. The foreclosure house investors should carefully estimate the risk of foreclosure houses, which is also the subject of this research.
In this research, we selected four cases of Taiwan Hsinchu District Court as the objects of research, discussing various patterns of non-evicted foreclosure houses, analyzing the problems the investors may encounter, and proposing the solutions thereof. We studied the cases in a qualitative method, undertaking in-depth interviews with the investors of the cases and collecting secondary data.
After thoroughly studying and analyzing the cases, we get the following conclusions: (1) the high risk for the high profit of non-evicted foreclosure houses must be carefully estimated; and (2) the duration of the legal proceedings is critical for profitability. We advise the investors (1) paying close attention to government policies; (2) not try to earn short-term profit; (3) collecting sufficient information about the targets to reduce the risk.
We suggest the future researches should pay attention to (1) tracking the effect of policy execution; (2) using a quantitative method in research to acquire more meaningful results; (3) studying future development of industries.
In this research, we reviewed the relative documents, collected secondary data, studied the cases of non-evicted foreclosure houses, discussed the dispositions of these non-evicted foreclosure houses, and acquired the results with a qualitative method in a conscientious and careful manner. However, the research is still limited by (1) the research methodology, (2) the regionality of research cases, and (3) the incomplete information disclosure by interviewees for trade secret. |
