N.M. Admin. Code § 19.2.13.12
In order to be qualified as a bidder at a public sale of state-owned timber, a person must have complied with and met all conditions and requirements prescribed in the notice of sale, which shall include filing an application to purchase and payment of the application fee in accordance with 19.2.13.11 NMAC, and must have deposited with the commissioner, or the commissioner's agent conducting the sale, an amount as set forth in the notice of sale, in cash or certified check, prior to the opening of the sale. If the applicant or any other qualified bidder is not the successful bidder, the applicant's or any other qualified bidder's deposit will be refunded. If the cost of sale exceeds the deposit, the successful bidder shall pay the difference before receiving the successful bidder's timber contract. If the costs of sale are less than the initial deposit, the successful bidder will be refunded or credited the difference at the successful bidder's option.
N.M. Admin. Code § 19.2.13.12