This type of sale is typically granted by the court if the property is worth less than the mortgage debt. The court with the consent of all parties can order the property be sold by having the property appraised and listed with a real estate firm.
All offers are subject to court approval. Once there is an accepted offer on the property and subjects, such as inspection, have been removed, a court date is set. Usually 10 - 30 days after subject removal.
At this time the accepted offer becomes public...
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