Sacramento Report
May 18, 2010
Auctions of Foreclosed Homes
Under SB 1223 (Calderon), escrow agents would have to return all deposits and fees received from a bidder in connection with an auction sale of real property that was the subject of a foreclosure sale, upon receipt of escrow instructions from the auctioneer or auction company. The bill also applies to any person acting as an escrow agent who is exempt from licensure under the Escrow Law.
