R907-80-7. Public Sale - Mail and Live Auctions

  Public sale, mail and live auctions will be conducted as follows:

  1. The Comptroller's Office of the Department will accept sealed bids by any means of delivery until 5:00 P.M. the day prior to the auction.

  2. The officer conducting the auction will accept sealed bids by personal delivery on the day of the auction up until the beginning of the auction.

  3. A sealed bid must contain deposit funds in an amount determined and advertised by the Department, as required by R907-80-4 to purchase the subject property. The Department may require this deposit to consist of certified funds. Bids and bid deposits must be a specified dollar amount. The Department has the right to reject any bid however submitted.

  4. The Department may require buyers who have defaulted on certificates of sale in the past to make larger deposits or submit sealed bids in the form of certified funds even if such a requirement is not contained in the notice of sale.

  5. The officer conducting the auction will open all sealed bids after declaring that the auction has started. After determining which sealed bid is highest, the officer will allow all bidders willing to bid more than the highest sealed bid received to participate in live bidding. Live bids must be for more than the amount of the highest sealed bid, subject to those terms and conditions set forth in R907-80-7(6). Persons who submit sealed bids eligible to participate in the live bidding will also be allowed to participate by telephone, subject to the terms and conditions of R907-80-7(6).

  6. Bids less than the minimum acceptable selling price will be disqualified, and the bidder will not be eligible for live bidding even if such bids would otherwise meet those requirements in R907-80-7(4) or (6).

  7. All bids, whether sealed or live, constitute a valid offer to purchase. An attempt to withdraw a sealed bid after the first sealed bid has been opened, or an attempt to withdraw or amend an live bid may result in the forfeiture of the bid deposit and any other remedy afforded the Department at law or equity.

  8. At the conclusion of the auction and subject to the terms of R907-80-8, the successful bidder must sign a written offer agreement prepared by the Department that states the terms included in the public sale notice.

  9. If the successful bidder defaults on the offer agreement, or otherwise fails to meet the requirements of R907-80-12, and upon approval by the Director, the property may be offered for sale to the person whose bid was second highest at the auction provided that the terms of the sale meet or exceed the minimum acceptable selling price established for the subject property. The second highest bidder will have 30 days from the date of the Department's offer to submit the purchase price balance plus costs required by R907-80-10(5).

  10. Third parties owning authorized improvements on the parcel at the time of the sale will be allowed 90 days from the date of the sale to remove the improvements. This provision is not applicable when such improvements are permitted under a valid existing right of record when such right survives the sale of the parcel, or the improvements are subject to a separate lease agreement.