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Difference between a "Judicial Sale" and "Foreclosure"

There is a difference between the concept of a "judicial sale" and that of a "foreclosure", although they both may arise out of "foreclosure proceedings".

A "Judicial Sale" is when the property is sold at a declared price by Order of the Court, with the judge deciding which offer to accept and transfer the title of ownership to the new purchaser. Property is sold as is/where is.

A "Foreclosure" is when the mortgage lender obtains title to the property by an order of a declaration of foreclosure by the Court and by which the indebtedness is extinguished, and the mortgagor does not recover anything further from the property or from the borrower. Property is sold as is/where is. The mortgage lender generally chooses the offer to purchase price and can legally sign off on the purchase.

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4+ Properties for sale
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List $ 95,000 Apartment
1 1 Sqft · 413.98
10024 JASPER Avenue, Edmonton, Downtown (Edmonton) T5J 1R9
Courtesy of
MLS® E4430397
Fan Yang, Mozaic Realty Group
New
Listed 14 days ago
List $ 545,000 House
1+0 1 Sqft · 999
4107 46 Avenue SW, Calgary, Glamorgan T3E1N5
Courtesy of
MLS® A2210077
New
Listed 29 days ago
List $ 159,000 Commercial
0 0 Sqft · 292
D30, 260300 Writing Creek Crescent, Balzac · T4A0X8
Courtesy of
MLS® A2205882
List $ 89,900 House
2 1 Sqft · 796.54
42 Highway 633 and Range Road 54, Rural Lac Ste. Anne County, Island View Harbour T0E 1H0
Courtesy of
MLS® E4419483
David J Lowe, Prairie Rose Realty
1
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