Ill. Admin. Code tit. 44 § 5000.830

Current through Register Vol. 48, No. 49, December 6, 2024

Section 5000.830 - Public Sale Procedures

a) DCMS will place "For Sale" signs on the property and will advertise the property in the Official State Newspaper and a county paper of general circulation. The advertisement shall run at least 3 separate times in each paper and shall appear not less than 15 or more than 30 days prior to the sale. The advertisement will briefly describe the property, give the minimum allowable bid and tell where additional information may be obtained.

b) The property will first be offered at public auction. This auction will be with reserve. Written bids, if any are submitted, will be opened and read at the beginning of the auction. Voice offers must exceed any written bid.

c) If the property cannot be sold at the fair market value, DCMS may have new appraisals made to determine a new fair market value and again offer the property for sale at public auction.

d) All offers from the public to bid must be accompanied by cash, certified or cashiers check or money order, in amount to equal to 10% of the fair market value. This amount will be applied to reduce the purchase price. If the sale is not completed, the amount will be forfeited to the State as liquidated damages.

e) Full payment is required on the date and terms specified in the request for bids or as proposed in the bid of the highest responsible bidder. In accepting bids, the Department shall give preference to bidders proposing a cash purchase. In the absence of an offer to purchase the property for cash by a responsible bidder, the Department may accept other bid proposals. The acceptance of other bid proposals shall be conditioned on:

1) the purchase price offered;

2) the terms of the offer;

3) the financial responsibility of the bidder; and

4) the type and nature of the property involved. If payment is delayed beyond the due date established by the request for bids, the balance shall bear interest at a rate acceptable to the Director. Such a rate shall be set to insure maximum practical return to the State, but shall in no case be lower than the most recent State bond sale rate.

f) All conveyances will be by quitclaim deed only and will be subject to any existing uses or leases of the property.

Ill. Admin. Code tit. 44, § 5000.830

Amended at 7 Ill. Reg. 7825, effective June 22, 1983