An auction is required when ADOT receives a second offer to purchase during the 30-day notice period mentioned above. This is a public auction. Anyone can bid, provided they present prior to the commencement of bidding a cashier’s check or money order in the amount of 10-percent of ADOT’s asking price or $100,000, whichever is less, as an earnest deposit and also complete and sign the ADOT Bidder Form. A separate cashier’s check or money order and Bidder Form are required for each property to be bid on. Bidding is open and the property will sell to the highest bidder. Earnest deposits will be returned without interest if you are not the successful (i.e., highest) bidder.
On the day of the auction, after the auction has finished, the successful bidder must sign a purchase agreement and other documents. The successful bidder will have five working days from the opening of escrow to deposit any balance of earnest money to equal 10-percent of the final purchase amount (the amount of the highest bid). In the event that the buyer is unable to perform, 10-percent earnest deposit will be forfeited and the property may be offered to the next highest bidder, who upon agreeing to purchase will have five working days to provide the 10-percent earnest money and sign the purchase agreement and other documents.