This is the number issued by the County Assessor to identify property and is used by the County Tax Collector on the tax bill.
One for whose benefit a trust is created. The lender or party secured by a deed of trust.
Trustee's sales are conducted by verbal bid, with the auctioneer starting off with a minimum bid provided by the trustee (total of all monies due the beneficiary) on behalf of the beneficiary and then opening up the bidding to qualified bidders. In bidding, every bid shall be deemed an irrevocable offer that cannot be recalled. Only a subsequent bid by the same bidder for a higher amount shall cancel that bidder’s lower bid. Properties are sold to the highest bidder.
In order to bid at trustee sales you must first qualify with the auctioneer at the time of sale with one of the following typical payment methods, and in the amount in which the bidder is willing to bid up to:
- Cash
- Cashier's check, requirements for the payee and what is considered an acceptable banking institution that the cashier’s check be drawn from may vary by trustee, lender and/or statute
- Cash equivalent designated in the notice of sale as acceptable to the trustee prior to or as may be designated by statute as an acceptable form of payment
Most states require the full amount due at the time of the sale although payment requirements can vary by statute, trustee and lender. Interested persons/bidders are responsible for conducting their own research on the specific requirements for the properties they are interested in bidding on, and to seek legal advice from an attorney beforehand. LPS Agency Sales and Posting does not offer legal advice.
What does "cancelled" mean? BACK TO TOP
When a file is cancelled by the trustee it is taken off calendar and is not auctioned on the scheduled date and time as recorded on the notice of sale.
What is "Caveat Emptor"? BACK TO TOP
Latin phrase for "Let the Buyer Beware". Legal maxim stating that the buyer takes the risk regarding quality or condition of the item purchased. All sales are final and properties are sold AS - IS.
What does it mean to default? BACK TO TOP
Failure to make the loan payments as agreed in the promissory note or other contractual document.
What is a foreclosure? BACK TO TOP
The procedure where the holder of the mortgage/deed of trust requires the sale of the property due to failure of the borrower to meet the contractual obligations of the mortgage/deed of trust.
What is a judicial foreclosure? BACK TO TOP
It is a foreclosure that must commence through court action.
What is a legal description? BACK TO TOP
A formal description of real property sufficient to locate it by reference to maps and surveys of public record in the county in which the property, or some part thereof, is located. There are five common forms of legal descriptions: 1) lot, block & tract/subdivision, 2) metes and bounds, 3) sectionalized, 4) ranchos, and 5) condominiums. It is common for the legal description to be recorded of public record on documents pertaining to said real property.
What is a non-judicial foreclosure? BACK TO TOP
It is the sale by a trustee/mortgagee under a deed of trust/mortgage persuant to the power of sale in said document.
It is the full payment of an existing loan or other lien.
This is providing notice by physically attaching a Notice to a prescribed post, wall, or bulletin board and/or attaching it to the affected property itself.
What are the procedures for postponements? BACK TO TOP
When the sale postpones the new date, time, and reason for the postponement is done by public announcement.
It is the act or process of disseminating printed information. It is a means of communicating information to the public. In most states legal notices are required to be published.
What does it mean to reinstate? BACK TO TOP
This is when a delinquent loan is brought to a current status by the debtor.
A company or person who is the 3rd party to the deed of trust (in addition to the beneficiary/lender and trustor/borrower) and is appointed by the beneficiary/lender to be the holder of the property and act on behalf of the lender/beneficiary on the terms of the deed of trust.
What is a trustee sale? BACK TO TOP
A non-judicial auction of real property conducted by a trustee in the exercise of the power of sale clause, pursuant to the terms of the defaulted deed of trust.
Where are trustee sales conducted? BACK TO TOP
Trustee sales are conducted in the state and county where the property or some part of the property is situated and is specified on the trustee sale or foreclosure notice.
The property owner/borrower who voluntarily puts a deed of trust against his/her property.