|
I saw an ADOT for sale sign on a piece of property. How can I find out more information? |
First, check the Properties page. If the property is not listed, call our office at 602.712.7587 for more information. |
| |
What kind of property does ADOT sell? |
Any real estate that the department determines to be excess. That includes commercial (developed and vacant); residential and/or vacant land. |
| |
How is the selling price determined? |
One of the first steps when a property is identified as excess, is to obtain an appraisal. The appraiser's job is to determine a market value based on their research. |
| |
If I want to bid on a property that is for sale, what should I do? |
Property may be purchased by presenting an offer equal to the current appraised value. Once an offer is presented, we place a legal advertisement in a newspaper of general circulation in the county where the property is located. If no other offers are received, the property is sold to the bidder at the end of thirty days. If additional offers are received within the thirty-day timeframe, a public auction will be held.
Ten percent (10%) earnest money deposit (cashier's check or money order) and a letter of intent will confirm your interest in the property. Minimum bids that are one million dollars and above will require a $100,000 earnest money deposit. This money will be returned (without interest) if you are not the successful bidder. Please have the excess land number available. You should contact our office at 602.712.7587 to receive more specific instructions. |
| |
What are the terms and conditions of sale? |
All property is sold "as is, where is". The buyer is responsible for obtaining financing which must be provided at close of escrow, usually within 60 days. ADOT assumes no costs or other charges (realty commissions, closing costs). |
| |
What should I do if I'm interested in a piece of property I believe belongs to ADOT, but doesn't have a "for sale" sign on it? |
With thousands of miles of freeways throughout the state, it's possible we haven't gotten to that parcel yet. Please call our office at 602.712.7587. Try to provide as much information as possible (Milepost markers, intersection, roadway markings, assessor number, etc.). We'll check it out and get back to you. |
|
