Step 4 – Sale
Step 4 is the sale of the property that secured the note…
On the date of the foreclosure sale, the sale is held at the appointed time and date by the trustee. The sale takes place on the courthouse steps of the county courthouse in which the subject real property is located. The trustee conducts the bidding pursuant to bid instructions from the mortgagee. The bid pricing is unique to every sale and is dependent on various factors such as market value and the amount of the total debt owed to the mortgagee including costs incurred by the mortgagee. The property is then struck off to the mortgagee or sold to the highest bidder at the sale. The trustee then issues a deed to the successful bidder at the sale, which deed is filed in the deed records in the county in which the subject property is located.
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