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REO SoCal

REO SoCal.com is a dynamic foreclosure glossary and multi-database REO property search. REO SoCal provides information from the major government REO (Real Estate Owned) databases in addition to database information on pre - foreclosure, (currently in default and trustee sale status). You can also subscribe to our foreclosure "Term of the Day " feature.

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Foreclosure Term of the Day -

Auction

The process of selling property at a public sale to the highest bidder. The person conducting the sale will call out the initial asking price and each price that anyone in the audience bids until no one will bid a higher price. The auctioneer then calls out "going once, going twice, sold to the highest bidder!"