How Home Foreclosure Auctions Work: An In-Depth Tutorial

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When a home goes into foreclosure, it generally means the owner of the home is 90 days or more behind on his payments. At this time, the lender can start foreclosure proceedings. If the homeowner cannot stop the foreclosure, the property goes to auction.

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In the absolute auction format, the home is sold to the highest bidder, regardless of the price. In the auction with reservation format, the seller of the auctioned home may reject the sale for any reason. This isn’t normally used in foreclosure auctions, because the seller has no choice but to sell.

Read the rest of this article on how foreclosure auctions work.

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