A bid must be submitted by the holder of the note, or the holder's attorney, to the public trustee no later than noon on the second business day before the date of sale. The Public Trustee is not responsible for the legitimacy or accuracy of the bid at a sale. Costs included in bid statements can include late payment charges, default interest, prepayment premiums, appraisal fees, engineering fees, inspection fees and costs and expenses relating to foreclosure. Costs can also include attorney fees. A deficiency bid occurs when the foreclosing party bids less than the amount of the debt. The difference between the debt and the bid is the deficiency. Failure to timely submit the bid will result in the public trustee continuing the sale from week to week.
The holder’s bid will be made public upon receipt. The holder or holder’s attorney need not attend the sale. The written bid may be amended by the holder or the holder’s attorney no later than noon of the day before sale in writing or electronically, or orally at the time of sale. A person amending the bid at sale must be physically present at the sale and must note the modification on the itemized bid and re-execute the bid at that time.