(a) Except as provided in subdivision (b), if a written offer to purchase the property is made to the court at the hearing on the petition for confirmation of the sale and the new bid is at least 10 percent more than the amount stated in the report made to the court, the court in its discretion may accept the new bid and confirm the sale to the offeror, or may order a new sale, if all of the following conditions are satisfied:
(1) The original bid as stated in the report to the court is more than one hundred dollars ($100) or, if the original bid is less than one hundred dollars ($100), the new bid is at least one hundred dollars ($100) more than the original bid.
(2) The new bid is made by a responsible person.
(3) The new bid complies with all provisions of law.
(b) If there is more than one offer that satisfies the requirements of subdivision (a), the court shall do one of the following:
(1) Accept the highest such offer and confirm the sale to the offeror.
(2) Order a new sale.
(c) This section does not apply to a sale of property described in Section 10259.
(Enacted by Stats. 1990, Ch. 79.)