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foreclosure sale

   Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia 0.01 sec.

foreclosure sale n. the actual forced sale of real property at a public auction (often on the court house steps following public notice posted at the court house and published in a local newspaper) after foreclosure on that property as security under a mortgage or deed of trust for a loan that is substantially delinquent. See foreclosure for a description of that process. The lender who has not been paid may bid for the property, using his/her/its own unpaid note toward payment, which can result in a bargain purchase. (See: foreclosure, mortgage, deed of trust, forced sale, sheriff's sale, judicial sale, execution)



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Ferstl was dragged into tile fray because he valued the 811-acre property before it was sold in a foreclosure sale.
When a mortgagee's innocent mistake caused foreclosed property to be sold at a grossly inadequate price, the foreclosure sale must be set aside to prevent injustice, according to the District Court of Appeal of Florida.
If you are looking to get into the real estate games you may want to consider foreclosure sales as a way to break into the market.
 
 
 
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