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What are foreclosure auctions?
Once the buyer defaults on his or her loans, the County Sheriff or any other relevant authority, such as the lender, auctions the foreclosed property and sells it to its highest bidder. At such foreclosure auctions, the starting price is set as the remaining balance on the mortgaged loan, which is also known as the distress price level. In the auctions however, the quotes may match up to the current market price of the foreclosures, depending upon the condition and the location of the house.
