What is an auction sale?

An auction sale is an event in which a property that has been foreclosed in California is sold to the highest bidder. In most cases, the bidder is the lender who originated the loan for the homeowner. During the auction, the lender will set a minimum bid to cover the amount owed on the loan, plus any applicable fees. If no one offers a higher amount, the lender will reclaim the property. If someone does offer a higher bid, then the property will be sold to them, and the lender will receive the proceeds. After the auction, the bidder typically has to pay all the associated fees, plus any taxes due on the property before they can reclaim it.

Related FAQs

How does the lender recover legal fees and costs in a foreclosure?
What is a deficiency judgment?
What is the difference between foreclosure and bankruptcy?
Are there defenses to a foreclosure?
What are the foreclosure options for servicemembers?
What are the foreclosure laws in my state?
How is the foreclosure process different in each state?
What are the steps in a foreclosure process?
What is the role of the mortgage servicer in a foreclosure?
What is a deficiency judgment in a foreclosure?

What is an auction sale?

Related FAQs

Related Blog Posts