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Q.What happens at the Trustee Sale?
A.In California, a trustee sale must occur between 9am and 5pm on a weekday. At the trustee sale, the trustee has the right to require every bidder to show proof of ability to pay the full bid in cash, cashier's check, or certified bank checks. Each bid placed is by law an irrevocable offer to purchase. The trustee can set the minimum bid price at the full amount of the debt owed on the property (including the trustees fees and costs). If no one bids at the Trustee's Sale, the property automatically reverts back to the lender who may then place the property on the open market with a broker.
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