If, at any time before confirmation of any such sale, any person shall file with the
clerk of the court a bid on such property in an amount not less than ten percent higher
than the bid the acceptance of which was reported by the return of sale and shall
deposit with the clerk not less than twenty percent of his or her bid in the form
of cash, money order, cashier's check, or certified check made payable to the clerk,
to be forfeited to the estate unless such bidder complies with his or her bid, the
bidder whose bid was accepted shall be informed of such increased bid by registered
or certified mail addressed to such bidder at any address which may have been given
by him or her at the time of making such bid. Such bidder then shall have a period of five days, not including holidays, in which
to make and file a bid better than that of the subsequent bidder. After the expiration of such five-day period the court may refuse to confirm the
sale reported in the return of sale and direct a sale to the person making the best
bid then on file, indicating which is the best bid, and a sale made pursuant to such
direction shall need no further confirmation. Instead of such a direction, the court, upon application of the personal representative,
may direct the reception of sealed bids. Thereupon the personal representative shall mail notice by registered or certified
mail to all those who have made bids on such property, informing them that sealed
bids will be received by the clerk of the court within ten days. At the expiration of such period the personal representative, in the presence of
the clerk of the court, shall open such bids as shall have been submitted to the clerk
within the time stated in the notice (whether by previous bidders or not) and shall
file a recommendation of the acceptance of the bid which he or she deems best in view
of the requirements of the particular estate. The court may thereupon direct a sale to the bidder whose bid is deemed best by
the court and a sale made pursuant to such direction shall need no confirmation: PROVIDED,
HOWEVER, That the court shall consider the net realization to the estate in determining
the best bid.
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