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

In Florida, a foreclosure auction and a sheriff sale refer to two different methods of disposing of a home that is delinquent on its mortgage. A foreclosure auction is the process by which a lender takes ownership of a delinquent property in order to satisfy the unpaid debt. The lender will publish a notice of the auction and then will bid on the property during the auction. The highest bidder will be awarded the right to purchase the property and the property will be transferred to the bidder. A sheriff sale, on the other hand, is a process in which a sheriff will oversee the sale of a delinquent property. The sheriff is responsible for ensuring that all participants in the sale follow the law, and he is also responsible for distributing the proceeds of the sale after it has concluded. Unlike a foreclosure auction, a sheriff sale is open to any member of the public, making it possible for other people to bid on the delinquent property. The person who bids the highest will be awarded the right to purchase the property. In some cases, the sheriff-sale process allows the lender to regain control of the delinquent property for less cost than the amount owed.

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

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