Bidding At A Foreclosure Sale

It is your obligation to do research study before coming to the sale to bid on a residential or commercial property. The general public Trustee can not and does not ensure that the deed of trust being foreclosed is a very first lien - it might be a second or 3rd lien. The Public Trustee does not know the condition of the residential or commercial property, or if the residential or commercial property taxes or evaluations have actually been paid or if there are any other liens against the residential or commercial property. If you do not understand how to examine the "condition of title" or the "chain of title" to the residential or commercial property, you might want to employ somebody to do the research study for you.


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


On Tuesday, 2 days before sale, we will have published in our office by roughly 2:00 p.m. listing of residential or commercial properties set up to go to sale that week (Thursday). The loan provider's written bid is required to be provided, 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 information and you may browse our foreclosure search, sale info, bid, to see the opening quote amount. Bids got from the lenders might be amended at the time of sale so long as the lending institution's agent is personally present at sale and re-executes the amended written bid.


Be recommended: The lending institution or its lawyer, or the Public Trustee, might pull or continue a residential or commercial property from the sale list at any time up till the sale begins Thursday early morning.


Sign in on sale day:


The Clear Creek County Public Trustee holds foreclosure sales on Thursday's without delay 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 mean to bid on a residential or commercial property, you need to show up at the office about 15 to 20 minutes early to finish a Bidder Information Form (PDF) with your name, address, and so on. This information will be used for the Certificate of Purchase, please make sure it is precise and readable.


Those thinking about bidding needs to 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 someone besides yourself or another entity that you do not own or control, you require to have actually composed permission, a letter of company notarized pursuant to CRS 15-14-607, and verbally state that your bid is being gotten in on behalf of that other or entity at the time the quote is made.


Bidding at the sale proceeds in increments of $5.00 - if the lending institution has sent a bid for $150,000.00, for example, you should bid a minimum of $150,005.00 in order to be the effective bidder.


You will also be required to have sufficient funds with you to bid on the residential or commercial property. Payment of effective quote amounts must be made in the kind of a main bank cashier's check or certified check. Checks need to be payable only to the "Clear Creek County Public Trustee". We can not accept 3rd party checks. The Public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has actually ceased and funds have actually been offered.


Pursuant to laws in effect on January 1, 2008 for cases started after that date, the effective bidder will not get an original Certificate of Purchase at the time of sale. Successful bidders will be supplied with a Receipt from the general public Trustee after the sale is completed. A Certificate of Purchase will be provided in the name and address of the effective bidder as revealed on your Bidder Information Form and tape-recorded (within 5 service days) by the Public Trustee's office and kept in our office records.


As the grantee called 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 evidences your 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 business days after the sale, but no later on than twelve noon the final day. If several lien holders submit an intent to redeem, each extra lien holder will receive a five day redemption duration.


If you are called for redemption figures, interest is computed at the rate specified on the note and extra costs are restricted to those enabled by statute. Please be prepared to supply invoices for expenses sustained. Redemption figures should be received within 13 organization days after the sale. The declaration should specify all amounts required to redeem including the quantity of per diem interest and the interest rate. The statement may be modified up till 2 business days before the start of the next suitable redemption duration. Your declaration of redemption should comply with 38-38-302 C.R.S.


. If redemption takes place, the Certificate of Purchase holder is paid the bid quantity, interest at the rate defined in the Deed of Trust and Note being foreclosed, and any other permitted costs as specified by Colorado Revised Statutes (invoices should be provided) as provided in C.R.S. 38-38-107 and as consisted of in your redemption declaration. Thereafter, upon composed demand and payment of the needed charges, the Public Trustee's workplace will provide a Confirmation Deed to convey title to the last redeeming party.


If no Notice of Intent to Redeem is filed and no redemption is made by anyone, you should request, in writing, that our office problem your Confirmation Deed, no earlier than 15 organization days after the sale. You should pay a $30.00 charge, plus recording costs, for issuance of the recorded Deed. The Confirmation Deed will be released by the Public Trustee and taped with the Clerk & Recorder's office. 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 bought for more than the total owed to the lending institution and to all other lien holders, please contact the Public Trustee's workplace after the sale because you might have funds due to you.


The Public Trustee's workplace does not provide legal suggestions and we do not do any expulsion proceedings. Once the Confirmation Deed is issued by this office and taped, the Public Trustee's file is closed.