How are the auctions conducted?
The auctions are live, open to the public, and verbal. Interested bidders must refer to the official auction notice regarding the terms of the sale or lease. A cashier’s check must be presented to the designated real estate staff before the auction begins. The successful bidder must pay the amount specified in the auction notice by a cashier’s check. The auction notice sets forth the conditions of sale or lease, broker registration information, reimbursements, etc. The auction is conducted by an auctioneer. The minimum bid is the appraised land value and the minimum bidding increments are set forth in the auction notice. Bidding continues until a successful bidder is declared.
