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The Trustee's Sale The date of the trustees sale is established at the time of the Notice of Trustees Sale is prepared. The trustee's sale is a public auction sale and is open to all qualified bidders. Bids are made orally and everyone who wants to bid must first qualify with the auctioneer by showing the amount and type of money intended to be used in the event of a successful bid. The Notice of Trustee's Sale designates the type of funds required, usually cash, cashier's check or bank check. The acceptance of the bid is not final until the total amount is paid to the auctioneer by the highest bidder. The beneficiary does not need any money to make the opening bid. However, if the lender plans to bid over the opening bid he must have enough money to pay the difference between the amount of his balance due in his final bid. The sale is complete when the highest bid is received and the auctioneer accepts it and declares the property sold. |
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