Trustee

Your question was a little vague butthe answers you've gotten so far don't apply to real estate...
In California we don't have mortgages when we buy property, we have Deeds of Trust. Trust Deeds are similar to a mortgage in which real property(real estate) is given as security for a debt (loan). However, in a deed of trust there are three parties involved, the borrower, the trustee and the lender( a.k.a. beneficiary). The borrower transfers the legal title for the property to the trustee who holds the property in trust as a security for the payment of the debt to the lender. So, we don't really own the property until it's completely paid off, then the trustee will transfer the legal title to the borrower.
A Trustee's Sale is the forced sale of real estate property by a lender to satisfy a debt. The sale is the final step in the foreclosure process.
The price listed is probably the minimum bid the bank wants the auction to start at and will not accept anything lower - usually it's the balance owed on the loan plus outstanding tax leins etc.

what is your actual question? this post is a bit confusing. give us more info if you want help.

Trustee is the individual who appropriate the monetary funds and property within the trust. They are like an executer of an estate within the will. They are responsible to make sure the trust is given out accordingly. They may or may not be entitled to benefits within the trust itself. A fake price?? don't understand your question on that one.. are they saying the property is worth that much or what? Does it say something like they can purchase the house for $60K or that is what they get out of the house? If you could explain further maybe additional information can be given.

A trustee is someone with whom someone else has given the authority to manage their money,property, will. Trustee is a legal term and requires filing with the court.

For example, my father set up a trust in which he placed property. He was the trustee until he died at which time my brother became trustee. The trustee deposits money from renting the property and pays for repairs and the taxes from money earned and put into the trust.

A trustee can also be the person named in a will to distribute property owned by the person who died.

Both cases involve a legal document. In my father's case it was named the Living Trust of and his name. It was filed at the courthouse. The legal document for a will is the will, its self. That is also filed at the courthouse upon the death of the person who wrote the will.

Are you talking about the scam in which someone has a property owner sign his property over to him with the understanding that the owner will remain in the house? The scammer then sells the property to someone else. I either about his on TV shortly after the stock market crash a few years ago. It was on a news TV magazine.

A good way to do business is to have a lawyer look at legal papers before signing them especially when it involves large sums of money or property.