Conditions of salesProperty sales are generally handled through a sealed-bid process. Notices of sales and the dates bids are due are usually published in local newspapers and on the Iowa DOT's Web site.
Bids must be submitted on Iowa DOT's bid proposal forms, and received by the property management section prior to the published deadline. The bids are publicly opened at the advertised time. The highest acceptable bid is submitted for approval. The Iowa DOT reserves the right to accept or reject all bids.
When items such as houses and other buildings must be moved, the Iowa DOT generally requires a performance deposit (bond). The bond amount is stated in the bid proposal packet, and must be submitted in the form of a cashier's check, official bank checks, certified check, personal checks, or money order. After the terms of the bid proposal are fulfilled, the deposit is returned to the purchaser.
Conditions of the sale of improvements that are to be removed from the land require bidders to submit the full amount with the bid forms.
Terms of land sales, with or without improvements, require 10 percent of the bid be submitted with the bid forms, with the balance due 30 days after the successful bidder is notified his/her bid has been accepted.