Foreclosure Auctions

Foreclosure auctions are public sales where properties are sold to recover unpaid debts, typically mortgage loans. When a homeowner defaults on payments, lenders can initiate foreclosure, which may lead to an auction. At the auction, the property is sold to the highest bidder, often for less than market value, to recoup the outstanding loan. Buyers can be individuals or investors looking for deals. The auction process is governed by state laws, ensuring transparency and fairness, but successful bidders must be prepared to take on the property as-is, often with no inspections or guarantees.