Rule 70 Bids and Overbids
Part B. Probate Proceedings | B-VI. Sale of Real Property
Rule Text
(a) When Due; Deposits. A person desiring to bid on a property at a confirmation of sale hearing must deliver the bid to the court clerk prior to the time set for the hearing on the petition, accompanied by the required deposit. The court may determine that bids that are not received in time, or that are not accompanied by the required deposit, will not be considered.
(b) Overbids. If an initial bid has been offered and accepted, a further overbid from any person shall be permitted at least five percent greater than the initial acceptable bid. If such an overbid acceptable to the personal representative is made, the court shall solicit additional bids in such manner and amount as it shall determine. When more than one initial bid is offered prior to the hearing, the highest bid acceptable to the personal representative shall set the base for any additional overbids at the hearing, and where more than one initial bid is for the same amount, the bid received by the court first shall set the base for any additional overbids at the hearing. Overbids, when made, shall clearly state any conditions, contingencies, or financing terms, and the personal representative shall have the sole authority to determine whether an overbid is acceptable.