Every bid at a California Trustee Sale must be backed by funds available on the spot.  Bidders must show proof of funds before bidding starts.  Acceptable forms of payment are cash, cashiers check drawn on a State or National Bank, a check drawn by a state of federal credit union or savings institution.  Personal checks, credit cards and financing commitments are not accepted.  

The auction opens with the lender’s opening bid. The opening bid at this auction is $450,058.00 Every bid is irrevocable, and each new higher bid automatically cancels the previous one.

Bidding proceeds verbally until no one raises the price. The trustee announces the completion of the sale, and the winning bidder must hand over the full bid amount right then. There is no escrow period, no inspection contingency, and no financing window. If the winning bidder’s funds do not clear, the sale is automatically rescinded for failure of consideration, and the trustee restarts the process.