When a lender takes control of a property after a borrower defaults on their loan. The lender may then sell the property (mortgagee sale) to recover the outstanding debt. Mortgagee sales are often priced below market value for a quick sale, but buyers take on more risk as the property is typically sold without warranties.
Go deeper
How to choose a selling agentInterview process, the appraisal-price trap, and the listing agreement.