- (a) Bidders shall submit an offer (bid) on a repossessed property in writing, in a sealed envelope, to the Home Loan Division. The envelope shall have on its outside only the local address of the property and the words “Sealed Offer” printed thereon. No other marks shall be permitted.
- (b) If the offer is being mailed, then the bidder shall place the offer envelope inside of the mailing envelope.
- (c) The offer shall specify the bid price, the property address, the name of the bidder, the bidder's address, plus any terms and conditions proposed if the bid price is less than an offer to purchase for the full cash value.
- (d) The bidder shall personally sign the sealed offer.
- (e) If an offer is accepted from a bidder who is a veteran as defined in Section 980 of the Military and Veterans Code, that bidder shall pay a minimum down payment of 3% of the price offered for properties valued up to $60,000, or a minimum down payment of 5% of the price offered on all properties valued over $60,000. All other accepted bidders shall pay a minimum ten percent (10%) down payment.
- (f) The bidder shall submit a down payment in the form of a cashier's or certified check or money order to the Home Loan Division within 14 days from the date of the Home Loan Division's written “Offer Acceptance and Request For Down Payment” letter.
Note: Authority cited: Section 700, Military and Veterans Code. Reference: Sections 985.2, 987.6, 987.51 and 987.78(a), Military and Veterans Code.
History
1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7).
2. Change without regulatory effect amending subsection (e) filed 12-2-96 pursuant to section 100, title 1, California Code of Regulations (Register 96, No. 49).
3. Amendment of subsections (a) and (f) and amendment of Note filed 3-24-2026; operative 7-1-2026 (Register 2026, No. 13).