On January 14, the Governor of California, Gavin Newsom, issued Executive Order N-7-25 prohibiting unsolicited cash offers to purchase property in Los Angeles county ZIP codes, specifically those impacted by the recent wildfires. The EO bans offers to purchase property for an amount less than such property’s fair market value as of January 6, 2025. The prohibition is effective for a three-month period and is intended to protect property owners impacted by the recent wildfires from exploitative practices.
The order also directs the California Department of Real Estate, along with other state agencies, to “determine the nature and scope of any unlawful, unfair, or fraudulent practices employed by” anyone “seeking to take advantage of property owners in the wake of this emergency” and to “provide notice to the public of the nature of these practices, their rights under the law, relevant resources” and “contact information for authorities to whom violations may be reported.” The order took effect on January 14.
