Inglewood Municipal Code § 2-210 Minimum Sale Price

Whenever the City shall become the owner of any property sold for taxes, or for delinquent installments of assessment liens, or by purchase thereof in lieu of foreclosure of delinquent installments of assessment liens, and the deed to the City has been recorded in the office of the County Recorder, the City Council may sell the property, or any part thereof, at public or private sale in the manner hereinafter set forth in this Chapter.

In case of public sale, notice of such sale shall be given by publishing a notice thereof once a week for three consecutive weeks in the official newspaper of the City. Such notice shall state specifically the place of and the day and hour of sale, and shall contain a description of the property to be sold, and a statement of the price below which the property will not be sold, and that same may be verified upon application to the City Clerk. It shall be the duty of the City Clerk to mail within two days after the first publication of such notice of sale, a copy of said notice, postage thereon prepaid, to the party to whom the land was last assessed next before the sale at his or her last known post office address; provided that the failure of the City Clerk to give such notice by mailing, or of the person addressed to receive same, shall not make either void or voidable a sale made pursuant hereto.

At the time set for such sale, the City Clerk shall sell the property described in the notice at public auction to the highest bidder for cash in lawful money of the United States.

Within five days after such sale, the City Clerk shall report said sale to the City Council which shall, upon payment of the purchase price, cause to be executed by the Mayor and City Clerk a deed to the purchaser.

In case of private sale, notice of such intention to sell must be given by first publishing notice once a week for three consecutive weeks in the official newspaper of the City. Such notice must contain a description of the property intended to be sold and a statement that bids or offers therefor will be received at the office of the City Clerk; that the bids or offers must be in writing and filed in the office of the City Clerk at any time within one year after the first publication of the notice.

Each such bid shall be opened by the City Clerk publicly in the first open meeting of the City Council after said bid has been filed. At that time or at any time within twenty days thereafter the Council may accept the highest and best bid in accordance with the provisions of this Article or reject all bids.

In the event a bid is accepted, upon payment of the purchase price the City Council shall cause to be executed by the Mayor and City Clerk a deed to the purchaser.

In the event a bid accepted is not for cash, the City Council shall cause to be executed by the Mayor and City Clerk a contract of sale to the purchaser, with the provision that all deferred payments under said contract of sale must bear interest at the rate of seven percent per annum, said contract of sale to contain, in addition to the usual and customary provisions as set forth in agreement of sale and purchase printed by the recognized title companies doing business in the County of Los Angeles, the provision that the condition of title to said real property shall be shown by a policy of title insurance issued by a reputable title company of Los Angeles County, which shall be furnished at expense of vendor with said deed, and shall show title to said real property vested in vendor as of the date of said agreement of sale and purchase, free of encumbrances except as provided in said agreement of sale and purchase.

All bids accepted by the City Council shall be accepted upon the condition that the City can convey title to said parcel of land free and clear of all encumbrances, and in the event, for any reason, the City cannot convey said parcel of property free and clear of all encumbrances, the acceptance of the bid by the City Council shall not be binding upon the City and the City shall not, nor shall any of its officers, agents or employees, be liable to the vendee, or the heirs, executors, administrators, successors or assigns of the vendee, for any damage or injury suffered or which may be occasioned by the failure of the City in such case to convey said property. All vendees of property sold by the City in bidding upon such property, either at public or private sales, shall be bound by the foregoing condition.

No bid shall be accepted at any public or private sale made hereunder for less than the amount of all assessment liens levied upon said property, together with all costs paid or incurred for acquiring title thereto; provided, however, that if the City Council shall, by resolution, declare that in its opinion the said property is not of a value great enough that it can be sold for a sum equal to the aggregate of said amounts and that it would be for the best interest of the City to sell said property for a sum to be stated in said resolution less than the said aggregate sum, then the City Council may accept a bid for a sum not less than that stated in said resolution and in such case such sale shall be a valid sale in all respects.