What is the difference between a foreclosure auction and a sheriff sale?

Foreclosure auctions and sheriff sales are two different types of foreclosure procedures. A foreclosure auction is when a home or other property is sold to the highest bidder to pay off a debt. The bidding process takes place in a public auction and can be completed within a short period of time. The home or other property is usually sold for far below its market value. A sheriff sale, also known as a judicial foreclosure, is a more formalized foreclosure process and is used more often in California. It involves a court supervised process and may take several months to complete. The home or other property is advertised in local newspapers and then put up for sale. It is generally sold for fair market value and the highest bidder must pay the full amount owed. The main difference between a foreclosure auction and a sheriff sale is the length of the process, the amount of money paid, and the amount of time the bidder has to pay. Foreclosure auctions are faster and the bids are lower, but the bidder must pay the full amount immediately. In a sheriff sale the process is longer and the bids are higher, but the bidder has a longer period of time to pay.

Related FAQs

Can the lender continue to collect late fees and interest during a foreclosure sale?
What are the costs involved in a foreclosure sale?
Can I pay off a foreclosure in full?
What are the foreclosure options for servicemembers?
What documents should I provide to a foreclosure attorney?
Can a lender foreclose on a property without a court order?
What is a homestead exemption in a foreclosure?
Is it possible to negotiate with a lender during a foreclosure?
What happens if I don't make my mortgage payments?
Can a foreclosure sale be reversed?

What is the difference between a foreclosure auction and a sheriff sale?

Related FAQs

Related Blog Posts