A public auction is a sale in which property or merchandise is sold via a competitive bidding process that is open to the general public. It is often used in real estate to expedite the selling process, especially in cases of foreclosure or hardware sales.
Real Estate Owned (REO) refers to properties that have reverted to the lender, typically a bank, after an unsuccessful foreclosure auction. These properties are then listed for sale as part of the lender’s inventory.
