626.80 - TIME AND MANNER. - Iowa Statutes

626.80 TIME AND MANNER. The sale must be at public auction, between nine o'clock in the forenoon and four o'clock in the afternoon, and the hour of the commencement of the sale must be fixed in the notice. The sheriff shall receive and give a receipt for a sealed written bid submitted prior to the public auction. The sheriff may require all sealed written bids to be accompanied by payment of any fees required to be paid at the public auction by the purchaser, to be returned if the person submitting the sealed written bid is not the purchaser. The sheriff shall keep all written bids sealed until the commencement of the public auction, at which time the sheriff shall open and announce the written bids as though made in person. A party who has appeared in the foreclosure may submit a written bid, which shall include a facsimile number or electronic mail address where the party can be notified of the results of the sale. If a party submitting a winning written bid does not pay the amount of the bid in certified funds in the manner in which the sheriff in the notice directs, such bid shall be deemed canceled and the sheriff shall certify the next highest bidder as the successful bidder of the sale either within twenty-four hours for an electronic funds transfer or forty-eight hours otherwise, of notification of the sale results. A sheriff may refuse to accept written bids from a bidder other than the judgment creditor if the bidder or the bidder's agent in the action has demonstrated a pattern of nonpayment on previously accepted bids.          Section History: Early Form [C51, § 1908; R60, § 3313; C73, § 3082; C97, § 4028; C24, 27, 31, 35, 39, § 11728; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 626.80]          Section History: Recent Form 89 Acts, ch 123, §1; 2006 Acts, ch 1132, §6, 16 State or municipality as purchaser, chapter 569          Footnotes 2006 amendments apply to actions commenced on or after July 1, 2006; 2006 Acts, ch 1132, §16