What is an auction sale?

An auction sale is an event where a foreclosed property is sold to the highest bidder. In Florida, auction sales are conducted by a county court-appointed officer or an independent auction company. At the sale, the county court-appointed officer or auction company will explain the rules and procedures of the auction. When a foreclosure process is started by a creditor, the court will appoint a trustee or officer to oversee the auction sale. The trustee or officer will also be responsible for taking bids from potential buyers. At the auction, the bidder will present their bid amount and the trustee or officer will keep track of the current high bid. The highest bidder will be required to put up a deposit in order to be eligible to be awarded the property. The amount of the deposit can vary from state to state, but it is usually around 10% of the final bid amount. The deposit must be paid in full at the auction or within a certain period of time afterward. The bidder who is awarded the home will then be required to pay the balance of the purchase price at closing. After the sale, the trustee or officer will distribute the funds to the foreclosing creditor. The foreclosure process and auction sale typically take about 6 to 8 weeks to complete, depending on the complexity of the case.

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What is an auction sale?

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