Start of foreclosure process. Initial notice recorded when borrower does not meet terms of loan.
CC 2924c.(a)(1)

Sets auction date. Can be recorded 90 days after Notice of Default
CC 2924 c. (b)(1)

Initial auction date can be just 14 days after Notice of Trustees Sale is recorded.
CC 2924 f. (b)(1)

Auctions can postpone for up to one year.
CC 2924 g. (c)(1)

Transfers property to winning bidder or to foreclosing bank if no bids are received.
CC 2924 h. (c)

Properties are considered to be in Preforeclosure from the filing of the initial Notice of Default until the property is sold at auction. During this period investors can purchase the home directly from the owner, Realtor's can list the home, and Lender's can help them refinance.

Auction properties have had a Notice of Trustee Sale filed setting an auction date, and have not yet been sold or cancelled. Investors can purchase the home at auction; and Realtors® and Lenders can monitor their clients properties, to ensure their listing and loan activities are completed before the auction.

Bank owned properties received no bid at auction, resulting in the bank taking ownership. These properties are commonly referred to by the banks as REO's (Real Estate Owned). Investors can purchase these properties directly from the bank; and Realtors® can solicit the listing, since banks will almost certainly market the property for sale.