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Frequently Asked Questions

How do foreclosure auctions work?

Banks hold foreclosure auctions when property owners are delinquent on mortgage payments. These auctions are usually at the property itself or at the bank. Because the bank is selling to recoup loan balances, the starting bid is often higher (at the remaining balance) than starting bids for tax auctions.

What is a foreclosure auction?

A foreclosure auction is an event wherein foreclosed properties are being offered for sale and where interested buyers can bid for the properties they want. Properties offered in this sale are available at heavily discounted prices, which is why it is a highly favored option among homebuyers and investors.

What is a property auction house?

An auction house is a company which conducts auctions. Most auction houses specialize in auctions of particular types of objects, such as Sotheby's, which handles fine art. Anything can be sold at auction, from food commodities to real estate, and auction houses can be found all over the world handling the sales of items from large to small.

What is auction property?

An Auction is where property is sold at a specific time and place to the highest bidder. Most auctions require a person to get a bidder number or other identifying item prior to bidding.


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