When a property is put up for public sale via the Notice or Sale, can individuals bid on the property against the lender? Can a bid that is less than owed on the first be accepted? Does the lender have the ability to go back in after your bid is made and bid a higher amount? Thank you for your help.
Guardianship Law Attorney
Yes, anyone can bid at a Trustee's Sale. The terms of the sale will usually dictate the price. Normally, the bidding amount, at a minimum is what is owed on the property. When all bids are taken at the trustee's sale, that's the end of it. The sale is funded, title changes hands and the new trustee's deed is recorded.