MINIMUM BID PRICE At the 1 st Public Land Sale Auction, no sales will be made for less than the minimum bid price indicated. “Minimum Bid” is defined in MCL 211.78m(16)(c) as “the minimum amount established by the foreclosing governmental unit for which property may be sold or transferred…must include all of the delinquent taxes, interest, penalties, and fees due on the property, and may include any additional expenses incurred by the foreclosing governmental unit in connection with the forfeiture, foreclosure, maintenance, repair, or remediation of the property or the administration of this act for the property…” At the 2 nd Public Land Sale Auction, the Treasurer as the Foreclosing Governmental Unit will establish a reasonable opening bid at the sale to recover the cost of the sale of the parcel or parcels as provided by law, including, where applicable, a performance bond to facilitate and guarantee compliance with any existing demolition order.
Any registered person who has made their $2,000 deposit may bid on the properties offered. A bidder must display a bidder’s card to bid. A person unable to attend the sale can be represented at the sale by an agent or representative with legal authority to bind and otherwise represent the person. The registered bidder is legally and financially responsible for all parcels bid upon whether representing oneself or acting as a representative. Parcels will be sold as Bid Item 33 01 thru Bid Item 33 58. All items will be sold at the Lansing Center. The parcels available for sale are listed in the attached Exhibit A. All parcels in a given Bid Item will be sold as one unit. The sale will be awarded to the individual bidding the highest amount equal to or greater than the starting bid for the Bid Item in question. Bids will be accepted in increments established and announced by the auctioneer starting with the minimum bid. A bid accepted at auction is a legal and binding contract to purchase. No sealed bids will be accepted and the Treasurer reserves the right to reject or accept any or all bids. TERMS OF THE SALE Ten Percent (10%) of the full purchase price (“Deposit”), with a minimum Deposit of $2,000.00, must be paid by 4:30 PM on the day of the Sale. The full purchase price must be paid within fourteen (14) days of the date of the Land Sale Auction. The purchase price consists of the final bid price, a ten percent (10%) auctioneer fee 1 , a $30.00 per parcel deed recording fee and will also include and require, where applicable, a performance bond to facilitate and guarantee compliance with any existing demolition order. The Deposit and minimum bid must be paid with cash, certified funds or bank cashier’s checks. The balance of the
1 For example, if a property is purchased for $25,000.00, the amount to be paid on the day of the Land Sale Auction representing the Deposit is $2,750.00. This is calculated on the basis of a $25,000.00 bid price, plus $2,500.00 auctioneer fee. The total cost of the property to the purchaser would be $27,530.00, including $30.00 for recording the deed. However, the Deposit will be calculated on the total of the bid price and the auctioneer fee only.
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