Foreclosure properties are in the process of being foreclosed but still owned by the people that bought it.
Bank-Owned properties have been foreclosed and are referd to as REO (Real Estate Owned) indicating that the foreclosure has taken place.
Auction properties are those that have been placed with an auctioneer to be sold to the highest bidder. There may be a minumum acceptable bid (called a reserve).
Here in Florida any real estate that is auctioned must have an actively licensed real estate agent present to say "SOLD" when the auctioneer tell them to say it. I do that at estate sales after the stuff inside is gone. The rules in your part of the country might vary on auctions so check with the locals there.
Hope this helps your understanding
JD â€œDanâ€ Weisenburger, GRI
Vanguard Realty, Inc. GMAC Real Estate