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https://www.livabl.com/2020/11/new-california-law-foreclosed-homes.html

There are numerous articles about this new law that many people don't know about. This really levels the playing field. As a recap, at a foreclosure auction, a buyer shows up with a cashiers check and buys the property at auction to satisfy the lien holder foreclosing on the property. The downside of this is that usually, only institutions can purchase these homes because most people can't show up with cash because of the steps necessary to get a loan on a home. For one thing it needs to be appraised and evaluated beforehand. This creates a skewed playing field giving corporations more power to turn homes into rentals.

What this law does is give anyone, wanting to buy the home as a primary residence, the ability to beat an institutional buyer's offer up to 45 days after the trustee sale. This is a game changer because it allows time to run title searches and obtain financing, especially from a hard money lender to do a quick purchase and then a conventional loan.