Trustee Sale Law & Legal Definition
A trustee sale is a sale by a property in foreclosure due to default in the loan made from the lender, who holds a trustee deed on the property. State statutes, which vary by state, govern the notice requirements for publication of the sale of the foreclosed property. A foreclosure sale can take place at public auction. The property may be sold to a third party bidder or revert back to the lender for a specified amount.
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