How Bidding Works

Generic Excerpts from the Special Terms of Sale - Please refer to Invitation for Bids for 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 bid deposit is required on each sale parcel. The full balance of the purchase price is payable 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 by mail and increase your bid by either mail, fax or from your computer on the internet from your home or office. Bidding will take place over a couple of weeks or until the property is sold. You can find out when new bids come in and what the high bids are by calling a 24- hour recorded message or from this web page under "View the auction".

3. Bidding in General
Bids will be received until the property is sold. All bids are irrevocable for 180 days from the date received. The bid which represents the best return to the Government will be accepted. However, 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, please use 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, a bidder will be able to bid using the User ID created or assigned. This number is needed for the bid form and for bidding over the Internet. The bidder ID number will be used to identify the bidders on the recorded information and on this auction web page.

5. Daily Bidding Results
The present high bid at any time is available by calling the recorded message at (800)241-1417, or by viewing the auction at http://auctionrp.com.

6. Increasing Your Bid
If you learn from the recorded message or 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. The fax number (24 hours a day) for increased bids is (617)565-5720. Bidders can increase their bids over the Internet following the on-line instructions or they can submit bids by fax. If your bid is not accurately shown on the web page, then you must call us at the number specified in the Invitation for Bids. By submitting your bid through our web page, you are agreeing that your Internet bid is a binding offer.

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 and on the voice mail recording. On that date, if no increased bid is received between 12 a.m. (Midnight) and 3 p.m., Eastern Time, then bidding will close at 3 p.m. and consideration will be given to selling the property to the high bidder. If an increased bid is received between those times, then bidding will be held over until the next business day on the same Midnight to 3 p.m. terms. Eventually, no one will outbid the high bidder and bidding will close at 3 p.m. on that day.

The above terms of sale apply to most of the sales but bidders must read the bid package that applies to the property they are interested in for the complete details and terms of sale.

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