What is an auction sale?

An auction sale is a process in which mortgage lenders can sell a property that has gone into foreclosure in Texas. It is a public sale, usually conducted by a licensed auctioneer, in which people are invited to submit bids for the property. The highest bidder at the end of the auction wins the right to buy the property. The auctioneer will typically start at a minimum price, usually the amount of money owed on the loan, and then increase the bid price accordingly. When bidding, prospective buyers should be aware of any liens or back taxes that may be attached to the property. If a buyer is successful, they will usually be required to pay the amount bid in cash within a certain time period. The new owner will take ownership of the property after the sale is confirmed by the court.

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What is an auction sale?

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