[Webinar] AB-1837: Overhauling SB-1079 Foreclosures in 2023 to Address Fraudulent “Eligible Bidders”

In 2021, SB-1079 went into effect bringing drastic changes to CA’s nonjudicial foreclosure process in an attempt to encourage individual home ownership and affordable housing over entity property ownership. The idea was to bridge the gap at foreclosure sales between prospective homeowners and savvy investors by creating categories of “Eligible Bidders” with certain advantages.
Unfortunately, the structure highly incentivizes the unscrupulous to call themselves “Eligible Bidders” to gain these advantages over their competitors. AB-1837 is an attempt to address this issue, and this webinar examined the potentially far-reaching changes AB-1837 brings to SB-1079.
For AB-1837, we discussed the following:
AB-1837 redefines and clarifies several categories of entity Eligible Bidders, attempting to more closely tie them to affordable housing goals.
AB-1837 implements a 30-year (!) affordability covenant on properties acquired by Eligible Bidder entities at these foreclosure sales.
AB-1837 establishes an enforcement mechanism through the Attorney General for related violations.
Finally, we briefly discussed the related AB-2170 which requires entities that foreclose on over 175 properties a year to provide a 30-day window for any REO listings in which only offers by certain Eligible Bidders may be accepted.
This webinar was hosted by Jacoby Perez, Esq., Attorney at Geraci LLP.
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[@diegomdominguez8600]

Wow! Just found gold mine of information. Thank you Sr

[@Jessie-vp2su]

Called Attorney Perez this afternoon regarding the foreclosure property I bought it this year and he is super professional and patient .Highly recommended !!! Thank you so much for your wealth information.

[@davidwillclose]

This is a wealth of great info. Thanks for taking the time to do this!

[@user-es5jq6yy9l]

I am a prospective owner-occupant buyer (I have never even been to an auction). If I am the highest bidder at the trustee sale as an eligible bidder, when do I need to produce the money? And how much money do I need to have with me and in what form on date of auction/sale?

[@user-es5jq6yy9l]

On day of auction how much do I need to bring with me and is it as a form of cashier's check ? what percentage?

[@joshuacapili]

Hi, I was recognized as an eligible tenant buyer by the bank and I have 45 days to send them a cashier’s check. Do you know any other way to fund this without using hard money loan or options that I could utilize? Thank you I’m on day 10 of the 45

[@slammer228]

Hey man can we connect, hope this process went well and you were able to get the house. I would like to hear your story to verify this is possible for me and my family

[@grcdeepak1]

Were u able to find a hard money lender to fund you? I was told that hard money lenders don't lend to individuals for purchasing auction properties.

[@grcdeepak1]

@@slammer228 were u able to find out ?