When is the 90% rule regarding the sale of surplus property applied?
The 90% rule meant that you had to receive at least 90% of appraised value when disposing of surplus property. This rule is NO LONGER APPLICABLE for most sales by auction or sealed bid. It is only applicable in the seldom used processes of installment sales, sales utilizing licensed real estate brokers and the subsequent sale of property for which no bids were received. 6. Should the appraised value be listed in the surplus property notice of sale? Listing the appraised value in the surplus property notice of sale is NO LONGER required. The law has been changed because some entities felt that listing the appraised value in the notice resulted in lower bids being submitted. Listing the appraised value in the surplus property notice is now at the entity s discretion. 7. Do bids received for an upcoming purchase or for the sale of surplus property need to be opened at a board meeting? Bids received shall be opened at the time and place specified in the notice. It is becoming more common t
