For foreclosure sale auctions conducted on or after January 1, 2021 with respect to properties containing from one to four residential units, the post-auction bid process described in Civil Code section 2924m may apply. Pursuant to the Civil Code, if you think you may qualify as an “eligible tenant buyer” or “eligible bidder,” you should consider contacting an attorney or appropriate real estate professional immediately for advice regarding the potential right to purchase. All bidders for property subject to Civil Code section 2924m should be aware that there is the potential for the sale auction bidding process to be extended for up to 45 days following the sale auction, and Civil Code section 2924m does not require payment of interest on any bid funds remitted to the foreclosure trustee during the time funds are held by the foreclosure trustee. The disclosure of sale information during the 45-day period following the sale auction as described in Civil Code section 2924m does not constitute a representation that the post-auction bid process in Civil Code section 2924m does apply to a property. The post-auction bid process in Civil Code section 2924m does not apply unless the property subject to sale contains one to four residential units and does not apply if a prospective owner occupant is the high bidder at the sale auction pursuant to Civil Code section 2924m(c)(1). As per Civil Code, any Affidavit must be wet signed under penalty of perjury and sent to the trustee by certified mail or overnight delivery.
