Auction

Notice of Trustee Sale (NTS)

If the loan is not reinstated by the end of the pre-foreclosure period, potential buyers can  bid on the property at a public auction.

Buyers often are required to pay for the property with cash at the auction.

There might not be much time to research the title and condition of the property beforehand; however, a public auction often offers better bargains and avoids the unpredictability of contacting the borrower/owner directly.