Frequently Asked Questions
1. What's the tract worth?
2. Is there a minimum bid amount?
3. Can I add contingencies (conditions) to my bid?
4. Will you consider a Contract for Deed arrangement?
5. Can I bid on more than one tract?
6. How much was the winning bid? How did the other bids compare to the winning bid? Will you send me a list of all bidders and bids?
7. How will I be notified of the results of my bid?
8. How do I access my property?
9. Are there special rules to follow if I need to build a road across Potlatch property?
10. Can I build, run power, phone, electric to the property?
11. Are property lines marked on each tract?
12. How do I find the tracts?
13. The web site mentions closing costs. For a buyer, what are the typical closing costs?
14. Can I request a tract be put up for auction?
15. Does Potlatch lease land?
16. Can I be notified of future auctions?
17. Why did Potlatch change to using a real estate broker for the sale?
18. Will I get title insurance or an abstract for my property?
19. Why is a bid deposit necessary?
20. If I have a group that wants to purchase, how can we take title?
1. What's the tract worth? It is the bidder's responsibility to determine value and place a bid. We strongly recommend you visit and evaluate the tract before you submit your bid but, we do not suggest a value. Sources of factual information regarding value include the County Assessor's Office, Appraisers and REALTORS. Should you decide that you want to increase your bid, you may submit more than one bid. In the event of tied (equal) bids, the bid with the earlier time & date stamp will be the winning bid. The value of the tract to you may be considerably different than to another person. Your bid should be at a price that, should someone bid more than you, you don't regret having not bid higher. For your convenience, the list of tracts for the previous auction and their sale prices are posted on this website. Keep in mind that each tract of land and it's location are unique.
2. Is there a minimum bid amount? There is not a minimum bid. Potlatch Forest Products Corporation ("Potlatch") reserves the right to reject any and all bids, however.
3. Can I add contingencies (conditions) to my bid? The properties are sold "As-Is" and as defined in these sealed bid documents. We will not accept bids that contain special requests or contingencies other than the conditions of FAQ 5, below. You are representing that, prior to submitting your bid, you have inspected the property, evaluated it for your use and have arranged for financing.
4. Will you consider a Contract for Deed arrangement? Sales through this sealed bid auction are for cash only. Successful bidders are expected to close on the date specified and any financing should be scheduled to fit that time frame. Financing may be available through your bank or you may contact one of the lenders who have expressed interest in financing land. Your purchase is not contingent upon financing and coordination with your lender is for your convenience only. Indicate on the Bid Submission Form if you intend to use a lender.
5. Can I bid on more than one tract? Bidders can submit and buy as many tracts as they wish. If your intention is to purchase only one or two but you bid on multiple tracts, you must prioritize your bids in the Bid Submittal section of the bid form. Refer to the Terms and Conditions for more details.
6. How much was the winning bid? How did the other bids compare to the winning bid? Will you send me a list of all bidders and bids? To protect the privacy of all bidders, Potlatch does not share the names or contact information of any other bidders. Once the transactions close, the sale amount is a matter of public record and is recorded in the county courthouse. A list of the tracts and their actual sale prices will be emailed to bidders after the transactions have all closed and the list will be available online at www.LandRadar.com.
7. How will I be notified of the results of my bid? An effort will be made to notify successful bidders by phone and/or email within 24 hours of the bid opening. The Purchase Agreement and Addendum, Estimated Closing Costs and complete instructions will be included in the email. A Bid Deposit of $500 per tract purchased is required at the time of notification by credit card, wire transfer or check. Earnest Money (10% of bid price), less the $500 Bid Deposit, is due in full within 10 calendar days of notification. All sale documents must be signed and returned within 10 calendar days of notification. Failure to adhere to the Terms and Conditions of the sale may result in Potlatch rejecting the successful Bidder's offer and moving to the next bidder. Unsuccessful bidders are notified by email/mail within approximately five business days after Close~Converse receives the signed Purchase Agreement from the successful bidder.
8. How do I access my property? If the property you purchase does not front on a public road or have a recorded easement, where practical, Potlatch will provide access through adjoining property owned by Potlatch. Potlatch will designate the location over its adjoining lands and Potlatch will retain the right to relocate the access road at Potlatch's expense, if needed. If the new owner wishes a different access easement, it will be the responsibility of the buyer to negotiate with Potlatch and to pay costs for a qualified surveyor to provide a legal easement description. Access across ownership other than Potlatch is the sole responsibility of the buyer. Where practical, information about obtaining an easement or license for access has been provided in the tract details.
9. Are there special rules to follow if I need to build a road across Potlatch property? Potlatch will designate the location over its adjoining lands. Major road work will require a Potlatch site permit and, potentially, a Potlatch approved contractor.
10. Can I build on the property, run power, phone and electric to the property? Potlatch makes no representations as to the building and zoning ordinances. Prospective buyers should check with appropriate county planning and zoning departments to verify future use potential. If utilities are not already to the tract, securing appropriate utilities are the sole responsibility of the buyer. Estimated costs and locations should be discussed with local utility companies. When available, links to county websites have been provided on each tract's detail page.
11. Are property lines marked on each tract? Potlatch has made efforts to mark the approximate boundaries of the tracts. These markings are not a survey. Buyers have the option of obtaining their own survey at buyers expense. In the event the approximate boundaries have been marked, prospective buyers are advised that such markings are approximate, are not guaranteed survey markings and only for convenience in locating the tract. Buyers are cautioned against building or altering the property near property boundaries unless a survey by a registered surveyor has been completed.
12. How do I find the tracts? Maps are made available on the website for each tract. Plat maps are very useful for finding tracts. Plat books can be purchased at the County Courthouses and many banks. Directions to each tract have been included in each tract's detail page. Further, GPS coordinates have been provided in the tract descriptions. You may use your own GPS receiver or locate the property on Google Earth or Virtual Earth. Where possible, distinctive Potlatch land sale flagging has been used for your convenience, directional arrows and an auction sign placed on the tracts.
13. The web site mentions closing costs. For a buyer, what are the typical closing costs? A buyer is required to pay deed recording fees of $46, pro-rated real estate taxes to the date of closing for the current year's taxes, closing fee of $150.00 and the cost of title insurance. Potlatch pays for evidence of clear title (title insurance commitment), deed tax, deed preparation and its share of pro-rated real estate taxes.
14. Can I request a tract be put up for auction? We do not take requests for specific sale properties on the auction. Potlatch determines which properties will be sold and when they will be auctioned, based on a number of factors.
15. Does Potlatch lease land? Yes, Potlatch Forest Holdings Inc. does lease lands for recreation. Information on this program can be obtained at http://recreation.potlatchcorp.com.
16. Can I be notified of future auctions? Yes, submit your email on our EMAIL NOTIFICATION form and you will be notified when future auctions are updated on the site. If you bid on this sale, you will automatically be added to the list for future notices.
17. Why did Potlatch change to using a real estate broker for the sale? Using a broker presents a number of benefits to the bidders and to Potlatch. The benefits to the bidder include a higher level of information, oversight of the sale/purchase process by real estate professionals and a streamlined and more convenient transaction. Potlatch benefits by having professionals handling all aspects of the transaction and allows Potlatch staff to work on those areas they know best.
18. Will I get title insurance or an abstract for my property? Each property will have a title commitment. Abstracts will not be provided. If you're the successful bidder, it is recommended that you secure title insurance at the time of closing. The cost is modest and protects your investment.
19. Why is a bid deposit necessary? Unfortunately, some who placed the high bid in previous sales did not complete their transactions, creating an unfair situation for serious bidders. A modest bid deposit, collected only from the successful bidders at time of notification, assures Potlatch that the successful bidder can be considered sincere. If a bidder does not provide the bid deposit at the time of notification, the bid will be rejected and the next bidder in line will be contacted. Bid deposits can be made by credit card, wire transfer or check.
20. If I have a group that wants to purchase, how can we take title? If you have a group wishing to make the purchase, the bidding can be done by an individual person. When the Purchase Agreement is drafted it will include the purchaser's name and the term, "or Assigns." This means that the purchaser may assign their interest in the Purchase Agreement to other people or to an entity, such as a Limited Liability Company, partnership or corporation. Successful bidders will be asked how they intend to take title at the time they're contacted by Complete Title Services.
2. Is there a minimum bid amount?
3. Can I add contingencies (conditions) to my bid?
4. Will you consider a Contract for Deed arrangement?
5. Can I bid on more than one tract?
6. How much was the winning bid? How did the other bids compare to the winning bid? Will you send me a list of all bidders and bids?
7. How will I be notified of the results of my bid?
8. How do I access my property?
9. Are there special rules to follow if I need to build a road across Potlatch property?
10. Can I build, run power, phone, electric to the property?
11. Are property lines marked on each tract?
12. How do I find the tracts?
13. The web site mentions closing costs. For a buyer, what are the typical closing costs?
14. Can I request a tract be put up for auction?
15. Does Potlatch lease land?
16. Can I be notified of future auctions?
17. Why did Potlatch change to using a real estate broker for the sale?
18. Will I get title insurance or an abstract for my property?
19. Why is a bid deposit necessary?
20. If I have a group that wants to purchase, how can we take title?
1. What's the tract worth? It is the bidder's responsibility to determine value and place a bid. We strongly recommend you visit and evaluate the tract before you submit your bid but, we do not suggest a value. Sources of factual information regarding value include the County Assessor's Office, Appraisers and REALTORS. Should you decide that you want to increase your bid, you may submit more than one bid. In the event of tied (equal) bids, the bid with the earlier time & date stamp will be the winning bid. The value of the tract to you may be considerably different than to another person. Your bid should be at a price that, should someone bid more than you, you don't regret having not bid higher. For your convenience, the list of tracts for the previous auction and their sale prices are posted on this website. Keep in mind that each tract of land and it's location are unique.
2. Is there a minimum bid amount? There is not a minimum bid. Potlatch Forest Products Corporation ("Potlatch") reserves the right to reject any and all bids, however.
3. Can I add contingencies (conditions) to my bid? The properties are sold "As-Is" and as defined in these sealed bid documents. We will not accept bids that contain special requests or contingencies other than the conditions of FAQ 5, below. You are representing that, prior to submitting your bid, you have inspected the property, evaluated it for your use and have arranged for financing.
4. Will you consider a Contract for Deed arrangement? Sales through this sealed bid auction are for cash only. Successful bidders are expected to close on the date specified and any financing should be scheduled to fit that time frame. Financing may be available through your bank or you may contact one of the lenders who have expressed interest in financing land. Your purchase is not contingent upon financing and coordination with your lender is for your convenience only. Indicate on the Bid Submission Form if you intend to use a lender.
5. Can I bid on more than one tract? Bidders can submit and buy as many tracts as they wish. If your intention is to purchase only one or two but you bid on multiple tracts, you must prioritize your bids in the Bid Submittal section of the bid form. Refer to the Terms and Conditions for more details.
6. How much was the winning bid? How did the other bids compare to the winning bid? Will you send me a list of all bidders and bids? To protect the privacy of all bidders, Potlatch does not share the names or contact information of any other bidders. Once the transactions close, the sale amount is a matter of public record and is recorded in the county courthouse. A list of the tracts and their actual sale prices will be emailed to bidders after the transactions have all closed and the list will be available online at www.LandRadar.com.
7. How will I be notified of the results of my bid? An effort will be made to notify successful bidders by phone and/or email within 24 hours of the bid opening. The Purchase Agreement and Addendum, Estimated Closing Costs and complete instructions will be included in the email. A Bid Deposit of $500 per tract purchased is required at the time of notification by credit card, wire transfer or check. Earnest Money (10% of bid price), less the $500 Bid Deposit, is due in full within 10 calendar days of notification. All sale documents must be signed and returned within 10 calendar days of notification. Failure to adhere to the Terms and Conditions of the sale may result in Potlatch rejecting the successful Bidder's offer and moving to the next bidder. Unsuccessful bidders are notified by email/mail within approximately five business days after Close~Converse receives the signed Purchase Agreement from the successful bidder.
8. How do I access my property? If the property you purchase does not front on a public road or have a recorded easement, where practical, Potlatch will provide access through adjoining property owned by Potlatch. Potlatch will designate the location over its adjoining lands and Potlatch will retain the right to relocate the access road at Potlatch's expense, if needed. If the new owner wishes a different access easement, it will be the responsibility of the buyer to negotiate with Potlatch and to pay costs for a qualified surveyor to provide a legal easement description. Access across ownership other than Potlatch is the sole responsibility of the buyer. Where practical, information about obtaining an easement or license for access has been provided in the tract details.
9. Are there special rules to follow if I need to build a road across Potlatch property? Potlatch will designate the location over its adjoining lands. Major road work will require a Potlatch site permit and, potentially, a Potlatch approved contractor.
10. Can I build on the property, run power, phone and electric to the property? Potlatch makes no representations as to the building and zoning ordinances. Prospective buyers should check with appropriate county planning and zoning departments to verify future use potential. If utilities are not already to the tract, securing appropriate utilities are the sole responsibility of the buyer. Estimated costs and locations should be discussed with local utility companies. When available, links to county websites have been provided on each tract's detail page.
11. Are property lines marked on each tract? Potlatch has made efforts to mark the approximate boundaries of the tracts. These markings are not a survey. Buyers have the option of obtaining their own survey at buyers expense. In the event the approximate boundaries have been marked, prospective buyers are advised that such markings are approximate, are not guaranteed survey markings and only for convenience in locating the tract. Buyers are cautioned against building or altering the property near property boundaries unless a survey by a registered surveyor has been completed.
12. How do I find the tracts? Maps are made available on the website for each tract. Plat maps are very useful for finding tracts. Plat books can be purchased at the County Courthouses and many banks. Directions to each tract have been included in each tract's detail page. Further, GPS coordinates have been provided in the tract descriptions. You may use your own GPS receiver or locate the property on Google Earth or Virtual Earth. Where possible, distinctive Potlatch land sale flagging has been used for your convenience, directional arrows and an auction sign placed on the tracts.
13. The web site mentions closing costs. For a buyer, what are the typical closing costs? A buyer is required to pay deed recording fees of $46, pro-rated real estate taxes to the date of closing for the current year's taxes, closing fee of $150.00 and the cost of title insurance. Potlatch pays for evidence of clear title (title insurance commitment), deed tax, deed preparation and its share of pro-rated real estate taxes.
14. Can I request a tract be put up for auction? We do not take requests for specific sale properties on the auction. Potlatch determines which properties will be sold and when they will be auctioned, based on a number of factors.
15. Does Potlatch lease land? Yes, Potlatch Forest Holdings Inc. does lease lands for recreation. Information on this program can be obtained at http://recreation.potlatchcorp.com.
16. Can I be notified of future auctions? Yes, submit your email on our EMAIL NOTIFICATION form and you will be notified when future auctions are updated on the site. If you bid on this sale, you will automatically be added to the list for future notices.
17. Why did Potlatch change to using a real estate broker for the sale? Using a broker presents a number of benefits to the bidders and to Potlatch. The benefits to the bidder include a higher level of information, oversight of the sale/purchase process by real estate professionals and a streamlined and more convenient transaction. Potlatch benefits by having professionals handling all aspects of the transaction and allows Potlatch staff to work on those areas they know best.
18. Will I get title insurance or an abstract for my property? Each property will have a title commitment. Abstracts will not be provided. If you're the successful bidder, it is recommended that you secure title insurance at the time of closing. The cost is modest and protects your investment.
19. Why is a bid deposit necessary? Unfortunately, some who placed the high bid in previous sales did not complete their transactions, creating an unfair situation for serious bidders. A modest bid deposit, collected only from the successful bidders at time of notification, assures Potlatch that the successful bidder can be considered sincere. If a bidder does not provide the bid deposit at the time of notification, the bid will be rejected and the next bidder in line will be contacted. Bid deposits can be made by credit card, wire transfer or check.
20. If I have a group that wants to purchase, how can we take title? If you have a group wishing to make the purchase, the bidding can be done by an individual person. When the Purchase Agreement is drafted it will include the purchaser's name and the term, "or Assigns." This means that the purchaser may assign their interest in the Purchase Agreement to other people or to an entity, such as a Limited Liability Company, partnership or corporation. Successful bidders will be asked how they intend to take title at the time they're contacted by Complete Title Services.