43 CFR 30.415 – What may I do if I do not agree with the determination of fair market value in the Order to Submit Bids?
(a) You may object to the determination of fair market value stated in the Order to Submit Bids if:
Terms Used In 43 CFR 30.415
- 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.
(1) You are the heir, devisee, or surviving spouse whose interest is to be sold;
(2) You filed a written request to purchase; or
(3) You are any potential bidder or other party who may be affected by the determination of the fair market value.
(b) To object to the determination of fair market value:
(1) You must file a written objection with OHA no later than 45 days after the mailing date of the Order to Submit Bids.
(2) The objection must:
(i) State the reasons for the objection; and
(ii) Include any supporting documentation showing why the fair market value should be modified.
(3) You must provide copies of the written objection and any supporting documentation to all parties who have an interest in the purchase of the property.
(c) Any party who may be affected by the determination of the fair market value may file a response to the written objection with OHA no later than 45 days after the date the written objection was served on the interested parties. Any document supporting the party’s response must be submitted with the response.
(d) The judge will consider any timely submitted written objection and responses, and will determine whether to modify the finding of fair market value, with or without a valuation hearing. OHA will issue a Modified Order to Submit Bids that addresses the objection and responses.
(e) If you were directed to submit a bid, you may preserve your right to submit a bid by filing the written objection instead of a bid.