Bidding At A Foreclosure Sale

It is your duty to do research before pertaining to the sale to bid on a residential or commercial property. The Public Trustee can not and does not ensure that the deed of trust being foreclosed is a first lien - it might be a 2nd or third lien. The Public Trustee does not know the condition of the residential or commercial property, or if the residential or commercial property taxes or assessments have actually been paid or if there are any other liens against the residential or commercial property. If you do not understand how to check the "condition of title" or the "chain of title" to the residential or commercial property, you might want to employ someone to do the research for you.


You can get the foreclosure case number for the residential or commercial property by looking it up at our site, Foreclosure Search.


On Tuesday, two days before sale, we will have posted in our workplace by roughly 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The lender's composed bid is required to be offered, in writing, to the general public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you might search our foreclosure search, sale information, quote, to see the opening bid amount. Bids got from the loan providers may be changed at the time of sale so long as the loan provider's representative is personally present at sale and re-executes the amended written bid.


Be encouraged: The lender or its lawyer, or the general public Trustee, might pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday morning.


Sign in on sale day:


The Clear Creek County Public Trustee holds foreclosure sales on Thursday's quickly at 11:00 a.m. - Sales are held at the Clear Creek County Treasurer & Public Trustee's Office, in the Clear Creek County Courthouse, 405 Argentine Street, Georgetown, Colorado. See Map (PDF)


If you intend to bid on a residential or commercial property, you should come to the workplace about 15 to 20 minutes early to complete a Bidder Information Form (PDF) with your name, address, etc. This details will be utilized for the Certificate of Purchase, please make certain it is accurate and readable.


Those thinking about bidding should personally participate in the sale. We do not take over-bids by phone, fax or email. If you are appearing at the sale to bid on behalf of somebody besides yourself or another entity that you do not own or control, you need to have actually written permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your bid is being gone into on behalf of that other person or entity at the time the bid is made.


Bidding at the sale proceeds in increments of $5.00 - if the loan provider has sent a quote for $150,000.00, for instance, you must bid at least $150,005.00 in order to be the successful bidder.


You will also be required to have sufficient funds with you to bid on the residential or commercial property. Payment of successful quote quantities need to be made in the form of a main bank cashier's check or licensed check. Checks must be payable just to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The Public Trustee will strike and offer the residential or commercial property to the effective bidder after bidding has stopped and funds have been supplied.


Pursuant to laws in result on January 1, 2008 for cases began after that date, the effective bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be supplied with an Invoice from the Public Trustee after the sale is finished. A Certificate of Purchase will be issued in the name and address of the effective bidder as shown on your Bidder Information Form and tape-recorded (within 5 company days) by the Public Trustee's office and retained in our workplace records.


As the beneficiary named in the Certificate of Purchase, you do not have immediate right of access to the residential or commercial property. A Certificate of Purchase does not move title to you, it merely proofs your financial investment made at the time of sale.


The Redemption Process:


A junior lien holder has 8 service days after the sale to submit an intent to redeem. The most senior lien may redeem 15 to 19 service days after the sale, but no behind midday the last day. If several lien holders file an intent to redeem, each additional lien holder will receive a 5 day redemption duration.


If you are called for redemption figures, interest is computed at the rate defined on the note and additional costs are restricted to those permitted by statute. Please be prepared to supply invoices for expenditures sustained. Redemption figures need to be received within 13 organization days after the sale. The statement needs to define all amounts required to redeem consisting of the quantity of per diem interest and the rate of interest. The statement may be modified up until 2 service days before the start of the next relevant redemption period. Your declaration of redemption must adhere to 38-38-302 C.R.S.


. If redemption takes place, the Certificate of Purchase holder is paid the quote amount, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other permitted expenses as defined by Colorado Revised Statutes (receipts need to be supplied) as offered in C.R.S. 38-38-107 and as in your redemption statement. Thereafter, upon written request and payment of the needed fees, the Public Trustee's workplace will issue a Confirmation Deed to communicate title to the last redeeming party.


If no Notice of Intent to Redeem is filed and no redemption is made by anybody, you should ask for, in composing, that our office problem your Confirmation Deed, no sooner than 15 service days after the sale. You must pay a $30.00 fee, plus recording costs, for issuance of the taped Deed. The Confirmation Deed shall be released by the Public Trustee and tape-recorded with the Clerk & Recorder's workplace. If you are the beneficiary of that Deed, you will then have ownership of the residential or commercial property.


Notice to an owner in foreclosure:


If your residential or commercial property goes to foreclosure auction sale and is purchased for more than the total owed to the loan provider and to all other lien holders, please contact the general public Trustee's office after the sale since you may have funds due to you.


The Public Trustee's office does not supply legal suggestions and we do not do any eviction proceedings. Once the Confirmation Deed is provided by this office and taped, the Public Trustee's file is closed.