Nevada § 148.270 - Hearing concerning confirmation of sale: Considerations; higher offer; continuance; confirmation of sale without bids of property subject to lien or mortgage exceeding value of property

§ 148.270. Hearing concerning confirmation of sale: Considerations; higher offer; continuance; confirmation of sale without bids of property subject to lien or mortgage exceeding value of property

1. At the hearing, the court shall consider the necessity for the sale, or the advantage,

benefit and interest of the estate in having the sale made, and must examine the return

and the evidence in relation to the sale. 2. If it appears to the court that good reason existed for the sale, that the sale

was legally made and fairly conducted, and complied with the requirements of NRS 148.260 , that the sum bid is not disproportionate to the value, and it does not appear that

a sum exceeding the bid by at least 5 percent if the bid is not more than $100,000,

or by at least $5,000 if the bid is $100,000 or more, may be obtained, the court shall

enter an order confirming the sale and directing conveyances to be executed. Otherwise, it shall vacate the sale. If the court directs that the property be resold, notice must be given and the sale

in all respects conducted as if no previous sale had taken place. 3. If a written offer of 5 percent or $5,000 more in amount than that named in the

return is made to the court by a responsible person, as provided in subsection 2,

and the bid complies with all provisions of the law, the court may accept the offer

and confirm the sale to that person, order a new sale or conduct a public auction

in open court. 4. If a higher bid is received at the time of a hearing to confirm the sale, the court

may continue the hearing if it finds that the original bidder was not notified of

the hearing and might desire to increase his or her bid, but failure to notify the

original bidder or to continue the hearing is not grounds to void an order confirming

a sale. 5. If the court accepts a higher bid at the time of a hearing to confirm the sale,

the court shall confirm the original purchase contract and include in the order confirming

the sale the substitution of the new sale price and purchaser. The order confirming the sale is a sufficient addendum to the original contract

to allow escrow to close. 6. Notwithstanding the provisions of this section, if the estate is subject to a lien

or mortgage that exceeds the value of the property and the estate has entered into

an agreement with the holder of the lien or mortgage to waive any deficiency as to

other estate property and accept the net sales proceeds as full satisfaction of the

lien or mortgage, the court shall confirm the sale without accepting bids on the property.