12 CCR s 345.4

Cal. Admin. Code tit. 12, s 345.4

CALIFORNIA CODE OF REGULATIONS
TITLE 12. MILITARY AND VETERANS AFFAIRS
DIVISION 2. DEPARTMENT OF VETERANS' AFFAIRS
CHAPTER 2. VETERANS' FARM AND HOME PURCHASES
SUBCHAPTER 3. CONTRACT AND OTHER TERMS
This database is current through 12/22/06, Register 2006, No. 51.
s 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:

(1) Veterans as defined in section 980 of the California Military
and Veterans Code;

(2) Any other person serving in or honorably discharged from the
United States armed forces;

(3) Any person who is a first-time home buyer;

(4) Any other person;

(5) Department employee.

(b) First-time home buyers are defined as persons who have had no present
ownership interest in their principal residences at any time during the
3-year period ending on the date their mortgage on the repossessed
property is executed.

(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:

(1) The annual gains or losses to the Department due to the
repossession activity;

(2) The condition of the property; and

(3) Current real estate market conditions.

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).

12 CCR s 345.4, 12 CA ADC s 345.4
1CAC

12 CA ADC s 345.4

END OF DOCUMENT