Real estate auctions
Real estate auctions can take place for a variety of reasons. In some cases, homeowners simply wish to make a quick sale of the property and they hold a property auction to do so. In other cases, home owners may have been delinquent on tax payments or mortgage payments. After the owner has been served a notice, the property may be auctioned at a sheriff’s sale.
Seized property auctions
Seized property auctions occur when property has been seized because of illicit activities or due to non-payment. Illicit activities may include money laundering, gang activity or illegal gambling. In cases where owners have failed to pay their mortgage or to make timely tax payments, property may be seized. Seized property auctions are conducted in order to pay monies owed to certain entities, such as banks, or to punish those that made money from illegal activities.