In one line: The recorded first step of a non-judicial foreclosure.
A notice of default is the document a lender records when a borrower has fallen far enough behind that foreclosure formally begins. In Nevada, a deed-of-trust state, it is the first public step of a non-judicial foreclosure: no courtroom, just a recorded sequence with statutory clocks.
It is not a sale. Nevada owners get a reinstatement window to catch up, plus access to the state's foreclosure mediation program, and most NODs never reach auction: the loan is cured, modified, or the home is sold conventionally first.
That gap between NOD and auction is where pre-foreclosure buying happens: the owner can still sell voluntarily, often preferring a fast fair offer to a trustee sale on the courthouse steps.
A worked example
Recorded on March 3rd. The owner can reinstate by paying the arrears until at least April 7th, elect mediation until April 2nd, and no notice of sale can be recorded before June 3rd. In practice the earliest auction is late June.
Questions people ask
How long after a notice of default is the foreclosure sale?
At least about 110 days in Nevada: three months before a notice of sale may be recorded, then 20 days of posting. Four to six months is typical, and mediation, bankruptcy or a listing pushes it further.
Can I see who has a notice of default?
It is a public record at the Clark County Recorder. Kouzr counts them by month, city and ZIP on its foreclosure pages and shows per-property filings only to signed-in users.