SB 1079 PROVIDES A POST-AUCTION PROCEDURE TO PURCHASE REAL PROPERTY

If the property sold at the foreclosure is a 1-4 unit property and the winning bid was not from an owner-occupier, SB 1079 is triggered.

So, for example if the winning bid comes from a corporation or investor who wants to flip the property instead of actually live in it, SB 1079 provides for a 15 day window for eligible parties to submit a bid to purchase the property.

That means, after the foreclosure auction a prospective purchaser can swoop in and purchase the property even if they did not attend the auction or even if they did attend the auction but their bid was not the winning bid.

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Source(s):

https://www.newportbeachrealestateattorney.com/post/purchasing-a-1-4-family-property-after-a-foreclosure-sale