Claim Against Bidder for Nonpayment - State Law - Revenue and Taxation Code Section 3456.
-- By bidding on the property you acknowledge the following:-
If the highest bidder defaults, under State Law (Revenue and Taxation Code Section 3456), Real Estate Bargains will not resort to the second highest bidder. This can trigger following actions:-
(a) Real Estate Bargains shall have a claim against the bidder for setup/hosting expenses, revenue/time lost, and attorney fees.
(1) If a bidder does not pay the claim arising under subdivision (a) within 30 days after the notice is sent, The following shall apply:
- The Real Estate Bargains may utilize any means authorized by law to collect the claim, including, but not limited to, transferring the amount of the claim to the unsecured roll/collection agencies. Notification will also be sent to various credit agencies.