How Bidding Works

Sale Procedures
(Example of Terms of Sale)

The following are generic terms of sale for example only. Please refer to the Invitation for Bids (IFB) for each individual property to understand the terms of sale applicable to each specific property.

1. Bid Deposits Terms
Bids to purchase must be on a cash basis only. No government credit terms are available. We have no information on the availability of private financing or on the suitability of this property for financing. A separate bid deposit is required on each property for sale. The full balance of the purchase price is payable generally within forty five (45) days after award. The full bid deposit that you forwarded will be applied towards payment of the purchase price.

2. Type of Sale
The method of sale used here can best be described as a written auction. Some call it a candle sale or sale by candle. It is much like an oral auction except that instead of voice bids, written bids are submitted; and, instead of having to travel to attend the bidding, you can submit your bid from a computer on the internet from the convenience of your home or office. Bidding will take place over several weeks or until the property is sold. You can find out when new bids come in and what the high bids are by viewing our web page at www.auctionrp.com; click on Atlanta; "View Atlanta Office Properties."

3. Bidding in General
Bids will be received until the property is sold. All bids are irrevocable generally for 180 days from the date received. The bid which represents the best return to the Government will be considered for acceptance. The Government reserves the right to reject any and all bids at any time for any reason. Once an award decision is made, no further bids will be considered. When registering to bid, it is necessary to use a password length of 8 characters; at least one letter, at least one number, and at least one character from the following: ! @ # $ % ^ $ * ( ).

4. Bidder ID Numbers
Once the bid deposit is received and funds verified, a bidder will be able to bid using the User ID created or assigned. This User ID is needed for bidding over the Internet. The User ID will be used to identify the bidders on the auction web page.

5. Daily Bidding Results
The present high bid at any time is available (24 hours a day) by viewing the auction at www.auctionrp.com.

6. Increasing Your Bid
If you learn from the web page that your bid was not the high bid, you can submit a higher bid until such time as bidding is closed. Increases in previously submitted bids are welcome and the bid deposit from your first bid will apply to subsequent increased bids for the same property. Bidders can increase their bids over the Internet following the on-line instructions. If your bid is not accurately shown on the web page, then you must call us at 404-331-5133. By submitting your bid via our web page on the internet, you are agreeing that your bid is a binding offer. However, the Government reserves the right to withdraw a property from auction at any time.

7. First Call for Final Bids
Once bidding slows down, a date will be set for the receipt of final bids. That date will be announced on the web page. On that date, if no increased bid is received by the stated time (in the IFB), Eastern Time, then bidding will close at the stated time and consideration will be given to selling the property to the high bidder. If an increased bid is received within the stated time period, then bidding will be held over until the next business day on the same terms. Eventually, no one will outbid the high bidder and bidding will close in accordance with the stated terms.

NOTE: THE ABOVE TERMS OF SALE ARE AN EXAMPLE AND GENERALLY APPLY TO MOST OF THE INTERNET SALES CONDUCTED BY THE ATLANTA OFFICE, BUT ARE FOR INFORMATIONAL PURPOSES ONLY. BIDDERS MUST READ THE INDIVIDUAL IVITATION FOR BID (IFB) FOR THE SPECIFIC PROPERTY THEY ARE INTERESTED IN FOR THE COMPELTE DETAILS AND TERMS APPLICABLE FOR THAT PROPERTY.