§ 345.4. Offer Acceptance; Preferences.
12 CA ADC § 345.4Barclays Official California Code of Regulations
12 CCR § 345.4
§ 345.4. Offer Acceptance; Preferences.
(a) When the district office accepts an offer, the district office shall notify the bidder by sending an “Offer Acceptance and Request For Down Payment” letter as soon as possible so that the sale process can begin. If for any reason the bidder fails to complete the purchase transaction, then the next highest acceptable offer (bid) shall be selected. In the case of a tie in the acceptable offers received, the district office shall give preference to bidders in the following order:
(c) In cases where the highest acceptable offer on a repossessed property is for an amount below market value, then the final offer acceptance decision shall be made by the Division of Farm and Home Purchases and not the district office. The Division shall consider the following in making the final decision:
Credits
Note: Authority cited: Section 700, Military and Veterans Code. Reference: Sections 985.2, 987.6, 987.51, 987.78(a) and 987.78(b), Military and Veterans Code; and Section 143(d)(1), Title 26, United States Code Annotated.
History
1. New section filed 11-12-91; operative 12-12-91 (Register 92, No. 7).
This database is current through 6/7/24 Register 2024, No. 23.
Cal. Admin. Code tit. 12, § 345.4, 12 CA ADC § 345.4
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