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(a) Within 15 days after the deadline for submission of offers regarding repossessed property, the loan committee will review all offers received.
(b) The loan committee may reject all offers, accept an offer as presented, make a counter offer to the apparent best offer, or accept a counter offer. A contract is formed when acceptance of an offer or a counter offer is communicated to the other contracting party.
(c) Within six working days after the date that a contract is formed or a decision is made to reject all offers notice will be mailed by first class mail to all offerors or their designated agent of the accepted offer, if any, the property sold, and any similar property still available, with the highest offer received but not accepted, if any. The decision to accept or reject an offer is subject to appeal under 3 AAC 77.080.
(d) If all offers are rejected, new offers will continue to be considered and the department will, in its discretion, resolicit offers without readvertising. If a subsequent offer or counter offer is accepted and a contract is formed, notice will be mailed only to persons who submitted an offer after the original deadline for submission of offers and to persons who have appeals pending in regard to the same matter.
History: Eff. 3/29/86, Register 97; am 7/4/91, Register 119
Authority: AS 16.10.310
AS 16.10.510 (4)
AS 44.33.020 (1)
AS 44.33.245 (a)
AS 45.88.020 (a)
AS 45.90.020 (a)
AS 45.98.030 (3)
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Last modified 7/05/2006