A. The sale of the real estate may be by public auction held at the county courthouse or at the site of the real property being sold at the time advertised or by sealed bids. Sealed bids for the real estate shall be in writing, sealed and delivered to the county clerk of such county. The county clerk shall preserve the bids unopened until the next regular meeting of the board of county commissioners after the expiration of fifteen (15) days from the date of the first publication, at which the board of county commissioners shall open such bids and award the real estate to the highest and best bidder for the real estate.

B. The real estate shall not be sold for less than eighty percent (80%) of its appraised value, and the boards of county commissioners shall have the power to reject any and all bids.

C. Proceeds from the sale of the property shall be deposited to the account from which the property was purchased.