(b) The board of supervisors shall not approve a sale under this chapter unless it conducts a hearing, with notice, and based upon substantial evidence in light of the whole record, makes either of the following findings:

1. (1) The sale price is greater than or equal to the tax sale value of the property.
2. (2) The tax sale value of the property is less than the amount necessary to redeem the property in accordance with Section 4102, such that there would be no excess proceeds from a sale under the provisions of Chapter 7 (commencing with Section 3691).

(c) Notice of the hearing required in subdivision (b) shall meet the following requirements:

1. (1)

   1. (A) The tax collector shall mail a copy of the notice at least 45 days prior to the hearing, by registered mail, to the last assessee of each portion of the property and to parties of interest, as defined in Section 4675, at their last known address.
   2. (B) To ascertain the address of the last assessee of the property, an examination shall be made of the assessment of this property on the rolls beginning with the year of delinquency to, and including that of, the last equalized roll. The tax collector shall make reasonable efforts to ascertain the identity and address of parties of interest.
   3. (C) It is not necessary to mail a copy of the notice to any party who files with the tax collector a written acknowledgment of receipt of a copy of the notice or a waiver of the notice. The validity of any sale under this chapter shall not be affected if the tax collector’s reasonable effort fails to disclose the name and last known mailing address of parties of interest or if a party of interest does not receive mailed notice.

2. (2) The notice shall include all of the following:

   1. (A) A description of the property substantially as described in the agreement.
   2. (B) The name of the last assessee of the property. To ascertain the name of the last assessee of the tax-defaulted property an examination shall be made of the assessment of this property on the last equalized roll, or if this property does not appear thereon, the last previous roll on which it was assessed.
   3. (C) A statement that an agreement for the sale of the property or for an option to purchase it, or both, as applicable, has been proposed with the taxing agency or nonprofit organization named in the agreement.
   4. (D) The proposed sale price of the property.
   5. (E) The date, time, and location of the hearing set forth in subdivision (b).
   6. (F) A statement informing the parties of their rights to appear and present evidence under subdivision (d), and that the sale will not take place unless the board of supervisors makes one of the findings set forth in subdivision (b).

   7. (G) A statement in substantially the following form:

      “If you challenge the proposed sale in court, you may be limited to raising only those issues you or someone else raised at the hearing described in this notice, or in written correspondence delivered to the county at, or prior to, the hearing.”