43 CFR 30.414 – What will be contained in the Order to Submit Bids?
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For each property for which a request to purchase at probate is pending, the Order to Submit Bids will include:
Terms Used In 43 CFR 30.414
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Probate: Proving a will
(a) A finding of the fair market value of the interest to be sold, determined in accord with the appraisal/valuation provided by the BIA under § 30.411;
(b) Information concerning where a copy of the appraisal/valuation may be viewed;
(c) Direction to potential bidders to submit bids to purchase the property that are equal to or greater than the fair market value;
(d) A deadline by which OHA must receive bids from all potential bidders; and
(e) A statement that if no bids are submitted by the deadline, the request to purchase will be denied.