The way I understand it, these would be "attached" rather than "repossessed" properties. The bank obtains a court order for the sheriff to attach the property. The bank's lawyers place a classified legal notice in the newspaper and the sheriff then auctions the property and reimburses the bank/creditor(s). The bank cannot put a reserve price on it, but may compete in the auction. It differs from voluntary auctions where a private auctioneer is involved and the seller can set a reserve price or can opt to reject the highest bid.
My thoughts, my beliefs, my feelings are all in my brain. My brain is going to rot. - Richard Dawkins
