Update 1-22-25
State officials are warning people who have lost their homes or businesses to the recent Southern California wildfires to be on alert for any offers to buy their property.
According to the California Department of Real Estate, since the fires, many home and business owners have gotten unsolicited offers to buy their property, “in many instances, for amounts far less than the fair market value.”
Shortly after the fires, Gov. Gavin Newsom signed Executive Order N-7-25, which prohibits these unsolicited offers in zip codes across Southern California. The DRE is asking anyone who receives an unsolicited offer to buy their property, particularly if the offer is below the perceived market value, to report it to the Department by emailing [email protected].
Newsom’s executive order was signed on Jan. 14, one week after the Palisades and Eaton fires started, and will be in effect until April 14, 2025. Under the order, anyone who makes an unsolicited offer could be charged with a misdemeanor, punishable by a fine of up to $1,000, six months in jail, or both.
“The person making that offer might offer a description of themselves as someone helping people in financial distress, an investor, a real estate agent or broker, a representative for an investor, or someone with cash on hand who buys any property in any condition,” the DRE said.
The order affects areas across the Los Angeles area, including Altadena, Pacific Palisades, Pasadena, Malibu, Santa Monica, and more. The order is in effect for the following zip codes:
- 90019
- 90041
- 90049
- 90066
- 90265
- 90272
- 90290
- 90402
- 91001
- 91010
- 91104
- 91106
- 91107
- 93535
- 93536
More information about the executive order can be found by clicking here.
The Source: Information in this story comes from the California Attorney General’s Office and the state Department of Real Estate.