Property sales are generally handled through an online auction. Notices of sales and the dates bids are due are usually published in local newspapers and on the Iowa DOT's Web site. 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.
Terms of land sales, with or without improvements, require 10 percent of the bid be submitted at the conclusion of the online auction, with the balance due 60 days after the successful bidder is notified his/her bid has been accepted.