- Why does the University sell its property by a sealed bid process?
The University of California is governed by California State
Law which requires all property to be competitively bid, with certain
exceptions. For property which qualifies for an exception the University
may elect to offer the property by marketing the property in the
customary manner. For more information regarding the law governing
the bid process, please see "Stull Act".
- What is a bid package?
A Bid Package contains general procedural information; property-specific
information, a Bid Form(s) (Offer to Purchase); and Property Investigation
Form. The bid package is available from the listed contact person(s)
for the property.
- What is the usual bid procedure?
Prior to submitting a bid, the bidder must complete all of their
investigations as bid sales are on an as-is basis. The Offer to
Purchase in the bid package and a cashier's check for the designated
minimum deposit to be delivered by the deadline date to the address
specified in the Bid Package. The Offer to Purchase form is the
formal agreement for the purchase and sale and is subject to acceptance
by The Regents of the University of California or by the President
of the University of California as the case maybe. All bids are
sealed, there is no provision for oral bids or oral over bids.
- Can I change the Offer to Purchase Form in the Bid Package?
No, the terms and conditions contained in the Bid Package are
not negotiable and any alteration, such as the addition of any condition
or contingency to the Bid Form may invalidate the bid.
- How do I make a bid?
A prospective buyer need only complete the blanks as indicated,
make their bid for at least the advertised minimum bid by completing
and executing the Offer to Purchase form, enclose a cashiers check
for the designated deposit amount and deliver the bid in a sealed
envelope by the stated deadline to the location specified on the
form.
- Can I send in a personal check and replace it if my bid is accepted?
No, we can accept deposits only in form of a cashiers check for
the required deposit; deposits submitted in any other form will
invalidate your bid.
- If my bid is unsuccessful, when will I get my deposit back?
Any deposits received from unsuccessful bidders will be returned
via U.S. Mail (certified, return receipt requested) promptly after
the bid opening.
- Can I have an inspection period after my bid has been accepted?
All inspection rights are limited to the extent specified in
the bid package which should be read in its entirety. All inspections
must be completed prior to submitting a bid unless an alternate
procedure is specified in the bid package.
- Do bidders need to be present at the bid opening?
No, bidders need not be present at the bid opening but are welcome
to attend or send their representative to the public bid opening.
- How will I know if my bid was accepted?
The successful bidder will be notified in writing promptly after
the bid opening.
- Can I have my real estate broker represent me?
Yes. Payment of your broker for their services shall be as specified
in the bid package and the Bid Form.
- My broker says we need to use a standard Real Estate Purchase Agreement, is this true?
No, the only acceptable agreement form is the Offer to Purchase
form within the bid package submitting your offer on any other form
of agreement may invalidate your bid.
- Can I find out in advance of the deadline for bid submission if any bids have been submitted and how much they were?
No, the bids are sealed until the public bid opening and no information
is released regarding the number of bids received prior to the public
bid opening.
- If I attend the bid opening, can I increase my bid at that time?
No, all bids are final. No increase in the bid amount is allowed
at the bid opening. A bidder must make a bid which is their highest
and best offer for the property.
- What happens if there are no acceptable bids received?
The property will be reevaluated to determine if and when it
will be again offered for sale.
- What happens if the only bid(s) received are less than the minimum bid?
Any bid at a price less than a stated minimum bid amount will
be rejected. If no acceptable bid is received in excess of the minimum
bid amount, the property will not be sold pursuant to the bid offering.
- What happens if the only bid(s) received are less than the minimum bid?
The Regents will retain your deposit until the bid is approved
by The Regents of the University of California or the President
of the University of California. You will receive credit in escrow
in the amount of your deposit towards your purchase of the property.
- Can I use my own escrow company?
No, The Regents specify in the bid package which escrow company
is to be used and by submitting a bid the bidder agrees to use the
named escrow company. You may purchase your title insurance from
the company of your choice.
