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

A foreclosure auction and a sheriff sale are both methods for handling foreclosure in Washington. The difference between the two is the role of the sheriff in the process. A foreclosure auction is a process in which the lender or mortgage holder is authorized to take possession of the property and sell it in order to recoup the money owed. The lender will then conduct a public auction and accept bids from the highest bidder. The winner of the auction must pay the lender in full at the time of the auction. A sheriff sale is slightly different in that the foreclosure process is done through a court order. The sheriff is the one responsible for the sale of the property. The borrower must be given written notice of the foreclosure sale and the bid process. The highest bidder at the sale must pay the lender in full at the time of the sale. The sheriff will then distribute the proceeds of the sale to the lender. Both a foreclosure auction and a sheriff sale are ways of dealing with a foreclosure in Washington, but the key difference is that in a sheriff sale, the sheriff is the one conducting the sale of the property.

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

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