If you can obtain private financing, you can finance the trustee sale purchase. To bid you will be required to show proof of $10,000 cashier's check made out to the trustee. The high bidder will be required to immediately deposit the $10K with the auctioneer and pay the remainder to the trustee by 5pm the next business day. This is where the private lender comes into play. Once you've paid the balance in full, and take ownership of the property, you can then start the refinance into a long term conventional loan.