Court may Vacate Sale.
After completing a sale of property, or any part thereof ordered to be sold, the referees must report the same to the court, with a description of the different parcels of land sold to each purchaser; the name of the purchaser; the price paid or secured; the terms and conditions of the sale, and the securities, if any, taken. The report must be filed in the office of the clerk of the court. Thereafter, any purchaser, or any party to the action, may, upon ten (10) days’ notice to the other parties who have appeared therein, and also to the purchaser if he be not the moving party, may move the court to confirm or set aside any sale or sales so reported. Upon the hearing, the court must examine the return and report the witnesses in relation to the same, and if the proceedings were unfair, or the sum bid disproportionate to the value, and if it appears that a sum exceeding such bid [by] at least ten percent (10%), exclusive of a new sale, may be obtained, the court may vacate the sale and direct another to be had, of which notice must be given, and the sale conducted in all respects as if no previous sale had taken place. If an offer of ten percent (10%) more in amount than that named in the return be made to the court, in writing, by a responsible party, it is in the discretion of the court to accept such offer and confirm the sale to such person, or to order a new sale.

SOURCE: CCP § 784.