What is a foreclosure auction?

A foreclosure auction is a process in which the lender or bank attempts to recover the amount owed on a property that has been foreclosed upon. The process is overseen by the county where the foreclosed property is located. In California, the foreclosure auction is a type of public auction held at a courthouse where the property is listed for sale. The auction is open to the public, and buyers must register before they can bid on a property. Bidding starts at a predetermined price, which is typically lower than the outstanding amount owed on the home. A successful bidder must submit payment to the county within 30 days of the auction. The winning bidder who has accepted the highest bid will receive the deed to the property and become the new owner of the home.

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What is a foreclosure auction?

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