Successful bidders must pay by cashier's check, wire transfer or electronic funds transfer, and payment must be received by March 19, 2010, at 1:00 p.m. PT, three (3) business days after a subsequent sale closes. In addition to the purchase price, the documentary transfer tax ($0.55 per $500 of the purchase price) is required. Only a successful bidder has the opportunity to purchase County assets. If the successful bidder defaults, under California State Law, the County cannot resort to the second highest bidder, and will be required to take appropriate legal action against the bidder who defaults.
The following are guidelines used in determining the minimum bid for the properties offered for sale: The minimum price at which property may be offered for sale pursuant to Section 3698.5 of the California Revenue and Taxation Code shall be an amount not less than the total amount necessary to redeem, plus costs. The “total amount necessary to redeem” is the sum of the following:
Section 4112(a)(b) A fee in an amount reasonably necessary to reimburse the tax collector shall be distributed to the general fund to reimburse the county for its costs of obtaining names and last known mailing addresses of and for mailing notices required by Section 3701, to parties of interest. Section 4672 There shall be distributed to the State of California $1.50 for any portion of each separately valued parcel of real property. Section 4672.1 There shall be distributed to the county general fund to reimburse the county for the cost of conducting the sale $150. Section 4672.2 There shall be distributed to the county general fund to reimburse the county for the cost of giving notice $35. Section 4673 Amounts to reimburse the county for the cost of advertising sales of tax-defaulted property shall be distributed to the county general fund. Section 3704.7(c) The amount of the actual and reasonable costs incurred by the tax collector, or his or her agent, or both, in complying with the requirements of subdivisions (a) and (b), not to exceed one hundred dollars ($100), shall be added to the required amount for redemption of the property.