What is an auction sale?

An auction sale is a type of foreclosure process in Virginia. In an auction sale, a homeowner’s property is put up for sale in a public setting by a third-party organization or government. The property is typically sold to the highest bidder, and the proceeds from the sale are used to pay off any outstanding debts the homeowner may have, such as the mortgage balance. After the auction sale process is complete, the homeowner no longer owns the property, and they cannot continue to live in it. The auction sale process may be used if a homeowner does not pay their mortgage for a certain amount of time, does not make a payment agreement with their lender, or if the property has been abandoned. Depending on the state, the homeowners may be given a certain amount of time to come up with the money to pay off their debt, or they may be evicted right away. The buyer of the property in the auction sale takes title to the property, subject to any liens that may be held against it.

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What is an auction sale?

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