Tri-State Defender definition

Tri-State Defender advertisement at the Shelby County Land Bank office to determine the highest and best offer to purchase the subject property (See “Bid Off ” Procedure attached hereto and made a part hereof). A grace period of up to 15 minutes is permissible to allow for unforeseen circumstances of any bidder. Any bidder who is not available (i.e. present at the Bid Off; or represented by a person present at the Bid Off; or represented by written and received bid instructions at the Bid Off) by the end of this grace period shall be disqualified from the “Bid Off”. Upon receipt of the first additional purchase offer, SCLB Staff will notify the prospective Purchaser, who submitted the initial purchase offer, by telephone that the “Bid Off ” will be necessary and no written notice of the same will be given. At the conclusion of the “Bid Off ”, the prospective Purchaser, who bids the highest purchase price, will be declared the successful bidder and his/her previously signed “Offer to Purchase” will be adjusted to reflect the high bid purchase price and new required good faith deposit***. Within forty-eight (48) hours of the “Bid Off ” the successful bidder must submit the additional funds to establish the new required good faith deposit via Certified Funds, Cashier’s Check or Money Orders made payable to “Shelby County Trustee” (personal checks and/or cash NOT accepted). Should the successful bidder fail to submit the additional funds necessary to establish the new required good faith deposit within said forty-eight (48) hour period, his/her/its initially submitted deposit shall be forfeited; and said successful bidder shall be declared ineligible to participate in any Shelby County Land Bank property sales for twelve (12) months from the date of said forfeiture. In this situation, SCLB Staff will contact the second highest bidder by telephone and offer the property to the second highest bidder for the second highest bid purchase price. Upon receipt of the required additional funds, such additional funds will be forwarded to the Shelby County Trustee’s Office for immediate deposit. Following the “Bid Off ”, SCLB Staff will notify the Shelby County Trustee’s Office of the “Bid Off ” results and request it to promptly refund the required good faith deposit previously submitted by the unsuccessful bidders.
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