What is a foreclosure auction?
In Texas, a foreclosure auction is the final step in the foreclosure process. The county clerk auctions off the property to the highest bidder at the courthouse steps. The highest bidder must close the same day with no contingencies. Usually, the lender ends up with the property, even if others show up to bid as well. Once the lender takes a property back, it becomes known as Real Estate Owned or REO.
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