Bid Notice for 956 Hotchkiss Circle, Petoskey MI

Citizens National Bank of Cheboygan (CNB) will be accepting written sealed bids through September 4, 2024, for the purchase of the real estate and improvements for property commonly known as 956 Hotchkiss Circle, Petoskey MI, Tax Id. No. 13-18-02-455-103 (“the Property”).

The Property is being offered for sale “as is and where is” and “with all faults” and “no warranties” express or implied. CNB reserves the right to reject any and all bids. CNB has established a reserve price for the auction.

An open house for prospective bidders will be held on August 24, 2024, from 10:00 am to 3:00 pm.

• Bids using the attached bid form should be personally delivered to Citizens
  National Bank, 303 N. Main Street Cheboygan MI 49721 or emailed to
  Angie Baker at [email protected] by September 4, 2024
• No later than September 9, 2024, CNB will notify the successful bidder, via
  email, that the Bank has selected its bid and the successful bidder shall
  execute the purchase agreement form included in the bidder’s package.
  Within 48 hours of such emailed notice from the Bank, the successful bidder
  must personally deliver or email (to the attention of
  [email protected]) a fully executed purchase agreement to the
  Bank. Also within 48 hours of the Bank’s emailed notice, the successful
  bidder must deliver a earnest money deposit equal to 10% of the successful
  bid in the form of cash, or a certified check payable to the order of CNB.
  CNB shall deposit the earnest money with Talon Title. Failure to either
  timely return a fully executed purchase agreement or the earnest money will
  be deemed a rejection by the CNB of the bid.
• Closing shall be on or before October 15, 2024. Failure to timely close shall
  result in the successful bidder forfeiting the deposit.
• If the successful bidder is purchasing the property with borrowed funds, the
  successful bidder must provide proof of such financing with the fully
  executed purchase agreement delivered to CNB. Proof of financing must be
  in the form of a formal commitment letter to lend from a reputable financial
  institution. CNB will not accept a “pre-approval” letter as proof of
  financing. CNB retains the sole right and discretion to reject the adequacy
  of any proof of financing provided by the successful bidder. If CNB rejects
  the proof of financing provided by the successful bidder, the successful
  bidder’s sole remedy shall be limited solely to the return of the earnest
  money deposit.
• CNB will convey title to the Property via a Covenant Deed.
• CNB will provide an owner’s title insurance policy at its expense.
• At the closing, property taxes will be prorated as if paid in advance.
• All other closing costs will be paid by the successful bidder, including but
  not limited to:
  • County and State transfer taxes.
  • Closing fees
  • Recording fees
• CNB will not be responsible for any real estate agent or broker commissions.
• Seller disclosures are not required by virtue of MCL 565.953(c).
• The property is located in the Resort Gardens Condominium and is subject
  to its Master Deed and Bylaws.
• Buyer is responsible for its due diligence regarding requirements of Resort
  Gardens Condominium. CNB makes no representations regarding the
  Master Deed, Bylaws or any obligations the successful bidder may have
  thereunder or in connection with any property owner’s association formed in
  connection with the Resort Gardens Condominium.

Bidding packets can be acquired by calling 231.627.8317 or emailing your request
to Angie Baker at [email protected].