§ 16–2938. Open-market sale, sealed bids, or auction.

(a) If the court orders a sale of real property, the sale shall be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group.

(b)(1) If the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in the District to offer the property for sale, the court shall appoint the broker and establish a reasonable commission.

(2) If the parties do not agree on a real estate broker, the court shall appoint a disinterested real estate broker licensed in the District to offer the real property for sale and shall establish a reasonable commission.

(3) The real estate broker shall offer the real property for sale in a commercially reasonable manner at a price no lower than the determination of value and on the terms and conditions established by the court.

(c) If the real estate broker appointed pursuant to subsection (b) of this section obtains, within a reasonable time, an offer to purchase the real property for at least the determination of value:

(1) The broker shall comply with the reporting requirements in § 16-2939; and

(2) The sale may be completed in accordance with any applicable District law.

(d) If the broker appointed pursuant to subsection (b) of this section does not obtain, within a reasonable time, an offer to purchase the real property for at least the determination of value, the court, after a hearing, may:

(1) Approve the highest outstanding offer, if any;

(2) Redetermine the value of the real property and order that the real property continue to be offered for an additional time; or

(3) Order that the real property be sold by sealed bids or at an auction.

(e)(1) If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale.

(2) If the court orders an auction, the auction shall be conducted in a commercially reasonable manner that is fair to all concerned.

(f) If a purchaser is entitled to a share of the proceeds of the sale, the purchaser shall be entitled to a credit against the price in an amount equal to the purchaser's share of the proceeds.