Cal. Code Regs. tit. 12, § 345 – Sale of Repossessions.

(a) CalVet shall offer repossessed properties for sale at market value as determined by the Home Loan Division, and shall sell repossessed properties to the highest qualified bidder. The “highest qualified bidder” is defined as the person who submits the highest acceptable offer, as described in Section 345.3(d), for the property and whose financial status would not justify the denial of a loan under Section 309.1.
(b) This regulation and those that follow in Sections 345.1 -- 345.7 do not apply to repossessed properties located on Indian Trust Land as referred to in Sections 987.78(c) through 987.78(e) of the Military and Veterans Code.

Note: Authority cited: Section 700, Military and Veterans Code. Reference: Sections 985.2, 987.6, 987.51 and 987.78, Military and Veterans Code.

1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7).

2. Amendment of subsection (a) filed 3-24-2026; operative 7-1-2026 (Register 2026, No. 13).