COURT ORDERED AUCTION OF
GOVERNMENT SEIZED PROPERTIES
TUESDAY, DECEMBER 17TH 12:00 NOON
ELKHORN RIDGE ESTATES SUBDIVISION IN MALAD, IDAHO
(37) TOTAL PARCELS (OVER 100 ACRES) TO BE SOLD TO THE HIGHEST BIDDER(S)
PUBLIC AUCTION TO BE HELD AT STATEWIDE AUCTION COMPANY:
155 NORTH 1000 WEST, SALT LAKE CITY, UTAH 84116
MORE INFO & PHOTOS FOR EACH PROPERTY IS AVAILABLE BY CLICKING ON THE BELOW LOTS...
CLICK HERE TO VIEW ELKHORN RIDGE ESTATES FILED PLAT MAP:
CLICK HERE TO VIEW ELKHORN RIDGE ESTATES COVENANTS, CONDITIONS & RESTRICTIONS:
(COPIES OF TITLE REPORTS TO BE AVAILABLE HERE SOON)
See Bidder Terms Below...
(1) Qualified Bidders. Only “Qualified Bidders” may participate at the Auction. No person will be deemed to be a Qualified Bidder unless the person registers to participate in the Auction by either (i) registering through Statewide’s online registration system prior to the Auction or (ii) registering in person at the Auction prior to the commencement of live bidding. As part of registration, whether online or in person, Statewide shall require a bidder to:
1. Provide a valid credit card number and information; and
2. Agree to the terms of a “Deposit and Obligation Agreement,” in a form to be approved in advance by the Receiver (Seller), which shall require the bidder to agree to at least the following:
a. that in the event the bidder becomes the Successful Bidder (defined below), the Successful Bidder shall deliver a “Deposit” in the amount of 10% of the successful bid and in the form of certified funds to Statewide within one (1) business day of the close of the Auction;
b. that in the event the Successful Bidder fails to deliver the Deposit as set forth above, Statewide may charge the Deposit plus a card processing fee equal to 4% of the Deposit to the Successful Bidder’s credit card provided by the Successful Bidder to Statewide;
c. that the bidder represents and warrants that bidder has the ability to perform at the Auction and, in the event the bidder becomes the Successful Bidder, has cash readily available to pay the amount of the successful bid, less the Deposit, within 30 days of close of the Auction, and that bidder shall provide proof of such ability prior to the close of the Auction if requested by Statewide or the Receiver;
d. that bidder understands that the Deposit of the Successful Bidder shall be wholly non-refundable;
e. that bidder agrees to be bound by any auction procedures approved by the Receiver that will be provided to the bidder prior to or contemporaneously with the Deposit and Obligation Agreement, including that any disputes related to any aspect of the Auction shall be resolved by the Court;
f. that bidder understands that the sale of the Property is AS IS WHERE IS with no representations or warranties of any kind; and
g. that bidder agrees that bidder’s last offer made at each phase of the Auction is irrevocable, and that upon becoming the Successful Bidder or Back-Up Bidder (as defined below), the bid is irrevocable until the Sale Closing Date (as defined below).
(2) Terms of Sale. The Property shall be sold “AS IS, WHERE IS,” without warranty or representation of any kind, expressed or implied. Pursuant to the Order, the sale of the Property is also being made free and clear of financial interests against the Property, with any financial interests attaching to the sale proceeds. The Receiver shall deliver to the Successful Bidder a receiver’s deed to the Property, not a general warranty deed.
(3) Auction. Based on the discretion of the Receiver, Statewide may conduct the Auction in either one or two phases that may include: (i) a “Bulk Sale,” in which case Statewide shall obtain the highest and best bid for all of the Property as a whole; and/or (ii) a “Parcel Sale,” in which case Statewide shall obtain the highest and best bid for each one of the 37 parcels of real property and related common roads and common open area parcels which comprise the Property, with each component of the Parcel Sale being subject to separate auction. For purposes of clarity, the term “Auction” means either a Bulk Sale or a Parcel Sale or any combination of both, through the close of the entire Auction as discussed in subsection 5. below.
(4) Successful Bidders. Provided that a two-phase Auction occurs, Statewide shall call the highest and best bid for the Bulk Sale at the conclusion of the Bulk Sale, and that bidder shall be registered as the holder of the “Successful Bulk Bid,” which Bid shall be irrevocable. Statewide shall call the highest and best bid made for each of the 37 parcels of real property and related common roads and common open area parcels which comprise the Property at the conclusion of each of the phases of the Parcel Sale, and each such bidder shall be registered as a holder of a “Successful Parcel Bid” for the relevant Parcel, which Bids shall be irrevocable. At the close of the Auction as provided for in subsection 5. below, the Receiver shall determine, in his sole discretion, whether acceptance of the Successful Bulk Bid or acceptance of the various Successful Parcel Bids constitutes the highest and best offer(s) for the Property. The bidder(s) making the highest and best offer(s), as determined by the Receiver in his sole discretion, shall be the “Successful Bidder(s).” If a two-phase Auction does not occur (i.e., if the Receiver elects in his sole discretion to only hold a Bulk Sale or a Parcel Sale, but not both), the Successful Bidder(s) shall be the holder of the Successful Bulk Bid or the holders of the Successful Parcel Bids.
(5) Close of Auction Sale. Subject only to subsection 6. below, Statewide shall close the Auction after calling the Successful Bidder(s).
In the event of a two-phase Auction, this will occur after (i) Statewide has registered the Successful Bulk Bid and the Successful Parcel Bids, and (ii) consulted with the Receiver as to which bids the Receiver deems, in his sole discretion, to be the highest and best offer(s). (6) Reserve Range. The sale of the Property at the Auction is contingent on the total sales price being within a “Reserve Range,” which Reserve Range shall be known only to the Receiver, Receiver’s counsel, and the Court. If the total sales price for the Property is less than the Reserve Range, the Receiver may, in his sole discretion, cancel the Auction.
(7) Back-Up Bids. Statewide may accept, with approval from the Receiver, a “Back-Up Bid” for the sale of the Property from a “Back-Up Bidder.” Each Back-Up Bid must be accompanied by a written agreement from the Back-Up Bidder:
a. Stating the amount of its Back-Up Bid, which shall not be less than the last bid the Back-Up Bidder made during the Auction;
b. Agreeing that its Back-Up Bid is irrevocable through the Sale Closing Date;
c. Agreeing that it shall deliver a Deposit to Statewide within one (1) business day of the close of the Auction to be held by Statewide pending the Sale Closing Date, and that the Deposit shall become non-refundable if the Back-Up Bidder becomes a Successful Bidder; and
d. Agreeing to be obligated in the event that the Auction to the Successful Bidder(s) does not close.
(8) Warranty. Neither Statewide nor its representatives, employees, or agents, makes any representation or promise, oral or written, to any person, including without limitation, prospective bidders or purchasers, which is contrary to the terms and conditions of sale contained in this Agreement and any Court order.
(9) Seller Discretion. The Receiver has the right to control all aspects of the Auction, including but not limited to the method of sale, closing or cancelling the Auction, method of payment, acceptance of Back-Up Bids, and enforcement of the Auction and Successful Bid(s) made at the Auction. Whether a bid is the highest and best bid is within the sole discretion of the Receiver.
(10) Closing. The Seller will close the sale of the Property to the Successful Bidder(s) within thirty (30) days of the close of the Auction Sale.
(11) Title Insurance. The Seller will provide a title insurance policy to the Successful Bidder(s). Seller will only provide a basic policy with the Successful Bidder(s) assuming responsibility for any policy upgrades.