What is an auction sale?

An auction sale is a type of process that is commonly used in Washington’s foreclosure laws. It is a public sale of a property that is being foreclosed upon. During the auction, bidders will compete for the property by submitting bids and the highest bidder will win the property. The auction process is run by an auctioneer or other authorized representative, who will announce the bids and collect payment from the winning bidder. The proceeds from the auction sale are used to pay off the remaining amount owed by the homeowner on the home loan. The remainder of the proceeds, if any, will go to the homeowner. Auction sales are typically conducted in a public place, such as a county courthouse or other public building. It is important to note that in Washington, if a foreclosure is unsuccessful through an auction sale, then it will typically go to the lender, who then has the right to sell the property.

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What is an auction sale?

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