If the trustor is in default and by chance unable to reinstate their loan, a Trustee's Sale is held, and the format is similar to that of a public auction. 

• It is held in the county in which the property is locates;
• The sale may be postponed before completion ( at the instruction of the beneficiary or the direction of the trustee;
• After 3 postponements (unless ordered by a court or mutual agreement between the beneficiary  and the trustor) a new notice of sale must be filed.

The property is then sold to the highest bidder and the sale is final.  The trustor does not have a right of redemption after a sale has taken place and the successful bidder has the right to take immediate possession of the property if it is owner occupied.  

If the property is not sold at the sale (no one bids) the ownership of the property reverts back to the foreclosing beneficiary.