Foreclosure vs Auction - What's the difference?
foreclosure | auction |
(legal) the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments
A public event where goods or property are sold to the highest bidder.
*{{quote-magazine, date=2014-07-12, volume=412, issue=8895, magazine=(The Economist)
, title=
As nouns the difference between foreclosure and auction
is that foreclosure is the proceeding, by a creditor, to regain property or other collateral following a default on mortgage payments while auction is a public event where goods or property are sold to the highest bidder.As a verb auction is
to sell at an auction.foreclosure
English
Noun
(wikipedia foreclosure) (en noun)auction
English
(wikipedia auction)Noun
(en noun)Competition, hammered, passage=Auctions' come in a wide variety. In a “Dutch '''auction'''”, often used to sell flowers and fruit, prices start high and gradually drop until a bidder is willing to pay up. A “Japanese '''auction'''” is a bit like poker: bids rise with each round and anyone who wants to win must bid every time. Vendors using ' auctions rid themselves of the headache of choosing prices and instead just pick the rules bidders must follow.}}