(1) The sale shall not take place until the expiration of ninety (90) days from the time the work is completed.
(2) If the debt is not paid at the end of that time, it shall be the duty of the lienholder, not less than ten (10) days before making the sale, to address a letter by registered mail to the last known place of address of the owner of the property or the person who ordered the property repaired.
(3) In addition, the lienholder shall give notice of the time and place and terms of sale in the same manner as now provided by law for the giving of notice for sale of property under labor liens.
(4) The property may then be sold at public auction for cash to the highest and best bidder. The lienholder shall have the right to bid not less than the amount of his or her debt.
(5) If the property sells for more than the amount of the debt, the lienholder shall be liable for, and shall pay, any surplus to the person entitled thereto, after deducting the amount of his or her debt and the actual costs of the sale.