The trustee's sale is a public auction and the property is sold to the winning bidder. At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender. A trustee's sale may be postponed by announcement at the sale. If a sale is postponed more than three times, a new notice of sale must be issued. If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender. When a home is purchased at auction, all junior liens other than property taxes are wiped out. Anyone may bid at the sale, including the homeowner, the lender and any junior lien holders. If someone from the general public wins the auction, the trustee may require the full amount of the bid in cash or cashier's check at the end of the auction. After the sale is complete, the trustee transfers ownership to the winning bidder. The homeowner does not have the right to redeem the property after the sale.