The REO property shall be marketed by LAHD in one of the two methods set forth herein.
(a) City Directed Marketing Method. LAHD shall comply, at a minimum, with the following requirements:
(1) LAHD shall direct that a Request for Proposal (RFP) or Notice of Funding Availability (NOFA) be issued that describes the REO property in a manner sufficient to inform a potential buyer of the REO property’s particular location, characteristics and use restrictions such that a potential buyer may make an informed decision and submit a competitive proposal. Prior to release, the RFP or NOFA shall be subject to the review and approval of the LAHD Assistant General Manager or designee; and
(2) The RFP or NOFA shall be advertised on the appropriate City website designed to reach qualified buyers.
(b) Commercial Marketing Method. LAHD shall comply, at a minimum, with the following requirements:
(1) LAHD shall engage the services of a commercial real estate broker who shall list the REO property including its location, characteristics and use restrictions on a commercially available real estate listing service commonly used in the sale and marketing of real estate properties in the Los Angeles area. Prior to publication, the listing shall be subject to the review and approval of the HCIDLA Assistant General Manager or designee; and
(2) The REO property shall be listed on the appropriate City website designed to reach qualified buyers.
SECTION HISTORY
Added by Ord. No. 183,131, Eff. 8-10-14.
Amended by: Ord. No. 187,122, Eff. 8-8-21.