What is a Trustee Sale?
The trustee sale is a public auction. It is typically held at the county courthouse on the proverbial courthouse steps. Actually, they are usually held inside the doorway or in the lobby of the courthouse It is called a trustee sale because in this state we do not normally finance property with a mortgage, we use a legal document called a deed of trust. The advantage of the deed of trust is that the lender does not have to go to court to foreclose, as they would if they used a mortgage. Under the deed, a third party called a trustee is appointed to handle the sale of the property if and when a lender is forced to foreclose on a borrower. The trustee is responsible for advertising the sale, delivering all the required notices and literally selling the property at auction on the courthouse steps.
