MI SB0571

State is granted right of first refusal to purchase tax-delinquent foreclosed property at the greater of minimum bid or fair market value within the first Tuesday in July following judgment.

If state declines purchase, cities, villages, townships, and counties may purchase foreclosed property at minimum bid in priority order before public auction sales.

Foreclosing governmental units must hold at least 2 property sales between third Tuesday in July and first Tuesday in November, with notice published at least 30 days before each sale.

At the final sale, prospective bidders must register 14 days in advance and certify they have no prior title, liens, or claims related to the foreclosed property or other properties in current year foreclosure petition.

Unsold property after final sale transfers to local city, village, or township by December 30, with proceeds deposited into restricted account for taxes, sale costs, foreclosure expenses, property maintenance, and environmental remediation.