The foreclosure sale itself is held in the same manner as a non-judicial sale, except that the sale is by the levying officer, usually the Sheriff. The sale must be between 9 a.m. and 5 p.m. on a business day. The sale is to the highest bidder. If the property consists of separate lots or parcels, the sale will ordinarily be by lots, until the debt is paid. The debtor may request that the property be sold either by lots, or together. The order of sale of the lots may be specified by the debtor. The levying officer must honor this request, unless he or she believes that this approach would not result in the highest price.

The property cannot be sold unless the amount bid exceeds the minimum amount, which equals the total of all preferred labor claims, senior state tax liens, and any deposit by the beneficiary (if the beneficiary is not the buyer). Code of Civil Procedure 701.620. The levying officer must release the property when the minimum bid is not received.

As with non-judicial sales, the lender may credit bid the amount of its secured debt. The lender, however, must pay in cash the costs of sale, preferred labor claims, exempt proceeds and other statutory claims. Payments must be in cash or cashier’s checks. Code of Civil Procedure 701.590(b).