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What is a Foreclosure Auction?

What is a Foreclosure Auction?

In an auction, the bank will auction the property at the price at which it wishes to sell the property at the local courthouse.  In the auction, if the initial auction price by the bank is too high, the bank will retain possession of the house and will then sell the property through other channels, primarily a real estate agent.  Once they are given to a real estate agent to sell, these properties are called REO (real estate owned)