LENDER CONFIRMATION AUCTION
A foreclosure auction by which the lender, usually a bank, must approve and accept the highest bid. This is in contrast to an absolute auction where the winning bid gets the property. Usually advertised as "subject to lender confirmation", it is still done as an auction where engrossed bid on the property but does not automatically go to the highest bidder. It is conducted when the lender pushes a foreclosure but won’t agree to a bid price below its reserve price.
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