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 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 3rd lien. The Public Trustee does not understand the condition of the residential or commercial property, or if the residential or commercial property taxes or assessments have been paid or if there are any other liens against the residential or commercial property. If you do not understand how to inspect the "condition of title" or the "chain of title" to the residential or commercial property, you may wish to work with somebody to do the research for you.


You can obtain 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 workplace by approximately 2:00 p.m. listing of residential or commercial properties arranged to go to sale that week (Thursday). The loan provider's composed bid is needed to be provided, in writing, to the Public Trustee prior to the posting of the Pre-Sale Continuance List (foreclosure search, foreclosure reports). The quotes are public details and you may browse our foreclosure search, sale info, bid, to see the opening bid quantity. Bids received from the loan providers might be changed at the time of sale so long as the lending institution's representative is personally present at sale and re-executes the changed composed bid.


Be recommended: The lending institution or its lawyer, or the Public Trustee, may 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 without delay at 11:00 a.m. - Sales are held at the Clear Treasurer & Public Trustee's Office, in the Clear Creek County Courthouse, 405 Argentine Street, Georgetown, Colorado. See Map (PDF)


If you plan to bid on a residential or commercial property, you must get here at the workplace about 15 to 20 minutes early to complete a Bidder Information Form (PDF) with your name, address, and so on. This details will be utilized for the Certificate of Purchase, please be sure it is accurate and legible.


Those interested in bidding must personally go to 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 other than yourself or another entity that you do not own or control, you require to have composed permission, a letter of firm notarized pursuant to CRS 15-14-607, and verbally state that your quote is being entered upon behalf of that other person or entity at the time the quote is made.


Bidding at the sale continues in increments of $5.00 - if the lender has sent a bid for $150,000.00, for example, you need to bid a minimum of $150,005.00 in order to be the successful bidder.


You will likewise be needed to have enough funds with you to bid on the residential or commercial property. Payment of effective bid amounts must be made in the type of a main bank cashier's check or certified check. Checks must be payable just to the "Clear Creek County Public Trustee". We can decline 3rd party checks. The general public Trustee will strike and sell the residential or commercial property to the effective bidder after bidding has stopped and funds have actually been provided.


Pursuant to laws in effect on January 1, 2008 for cases began after that date, the successful bidder will not get an initial Certificate of Purchase at the time of sale. Successful bidders will be offered with an Invoice from the general public Trustee after the sale is completed. A Certificate of Purchase will be issued in the name and address of the effective bidder as shown on your Bidder Information Form and recorded (within 5 business days) by the Public Trustee's workplace and retained 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 business 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 later on than noon the final day. If several lien holders submit an intent to redeem, each extra lien holder will get a five day redemption period.


If you are gotten in touch with 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 provide receipts for expenses sustained. Redemption figures need to be gotten within 13 business days after the sale. The declaration needs to define all amounts needed to redeem including the amount of daily interest and the rates of interest. The declaration might be modified up until 2 organization days before the start of the next suitable redemption duration. Your declaration of redemption must comply with 38-38-302 C.R.S.


. If redemption takes place, the Certificate of Purchase holder is paid the bid amount, interest at the rate specified in the Deed of Trust and Note being foreclosed, and any other allowable costs as defined by Colorado Revised Statutes (invoices must be supplied) as offered in C.R.S. 38-38-107 and as consisted of in your redemption statement. Thereafter, upon composed request and payment of the needed costs, the general public Trustee's office will provide a Confirmation Deed to convey title to the last redeeming celebration.


If no Notice of Intent to Redeem is submitted and no redemption is made by anybody, you should ask for, in writing, that our office issue your Confirmation Deed, no quicker than 15 company days after the sale. You should pay a $30.00 cost, plus recording costs, for issuance of the tape-recorded Deed. The Confirmation Deed will be issued by the Public Trustee and tape-recorded with the Clerk & Recorder's workplace. If you are the grantee 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 lender and to all other lien holders, please contact the Public Trustee's workplace after the sale since you may have funds due to you.


The general public Trustee's workplace does not offer legal suggestions and we do refrain from doing any expulsion proceedings. Once the Confirmation Deed is released by this office and taped, the general public Trustee's file is closed.