NOTE: This information applies to the State of California. Check with your state's department of real estate for information regarding your locale.
A notice of trustee sale is a document that tells the property owner that a particular property is about to be sold at auction to settle a debt that is owed on that property. The notice must be posted on the property and in one other public location. This notice must be mailed to the owner at least 20 days before the sale date and must be published once a week for three weeks prior to the sale in a local newspaper. Contained in the notice must be the date, time and location of the sale as well as the property address and trustee's contact information. Additionally, the notice must be recorded with the county recorder office at least 14 days prior to sale.
At the sale, anyone may bid on the property and the trustee expects the winning bidder to pay cash or cashier's check at the end of the auction.
Just FYI, here are the number of new foreclosures filed in October 2009 in the Southern California area, by county:
- Los Angeles - 19,180
- Riverside - 9628
- San Bernardino - 7584
- San Diego - 7323
- Orange - 5156
Data courtesy of RealtyTrac
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