The Trustee's Sale is held on the date scheduled. The sale is held by public auction
and is open to all qualified bidders. The sale is usually conducted at the
courthouse in the County or City in which the property is located. Bids are made
orally and each person wishing to bid must first qualify with the Trustee by showing
the deposit amount in cash, cashier's check or certified check. The sale is
completed when the bidding reaches its highest point and the property is 'knocked
down' to the highest bidder. If there are no qualified bidders present, the property
will be considered sold to the Lender for the amount of the opening bid.
In the case of a third party sale, the Trustee at this time accepts the deposit and the
buyer signs a memorandum or contract of the sale. The contract specifies that the
final settlement must take place within fifteen business days of the foreclosure sale
date. The Trustee then prepares a receipt for the successful bidder. The
settlement and disbursement of the purchase money is performed by the Trustee.
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