What is a foreclosure auction?

A foreclosure auction is a public sale of a property that has been taken back by a lender during the foreclosure process. The property is sold to the highest bidder in an attempt to regain any losses the lender may have incurred. In the state of Washington, foreclosure auctions are conducted by the county sheriff or an authorized deputy. The owner of the foreclosed property has the right to attend the auction and bid on his or her own house. However, if a third party wins the auction, the house is sold to them and the owner no longer has any connection to the property. All bidders in the auction must have their bids in cash and the winning bidder is expected to pay the full amount immediately. During the foreclosure auction, the county sheriff will read out all the important details about the property for sale, such as the legal description, the address, and the amount the lender is seeking. Bidders must adhere to all the terms and conditions set out in the foreclosure auction notice, which typically contains details about the minimum bid price. It is important to note that the proceeds of the foreclosure auction go directly to the lender and not the original homeowner. The proceeds are then used to pay off any debt owed to the lender plus interest, fees, and other applicable charges. Any surplus money is given to the original owner.

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What is a foreclosure auction?

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