Bidding at the sale

By law, the foreclosing lender must submit a written bid of what is due and owing to them to the Public Trustee's office by noon two days before the sale if they intend to take the property to sale. To find out the lender's minimum bid you will need to visit our search Web site at: http://gts.co.jefferson.co.us or in person at the Public Trustee's office.

If there is no bid entered for that week's sale, you can determine the status of a particular foreclosure by checking under the basics tab for the next scheduled sale date Wednesday afternoon at the search site above.

The Public Trustee has used all reasonable efforts to ensure that the pages and other information on this Web site do not contain any inaccurate or out of date information. However, we can make no guarantee or warranties as to the accuracy or the timeliness of the data. If you believe any material contained in this web page is inaccurate, please call 303-271-8580.

NOTE: How a foreclosure is processed is affected by when the Notice of Election and Demand was recorded by the Jefferson County Clerk & Recorder to start the foreclosure action. For files where the Notice of Election and Demand was recorded prior to 01/01/2008 speak to a member of the Public Trustee staff for further details.

Where the sale is held:

Sales are held in the Office of the Public Trustee, 100 Jefferson County Parkway, Suite 1540, Golden, Colorado at 10:00 a.m. on Wednesdays.

Please be aware that this is a legal proceeding set for 10:00 a.m. and the sale will not be delayed. If you are unprepared to bid at the time of sale, we invite you to stay and observe the proceedings.

What to expect at the sale:

Arrive no later than 9:45 a.m. and sign in immediately upon arrival.

Complete an Overbidder's Contact Information form for each file that you plan to bid on. This form is available at the office of the Public Trustee, or by clicking here: Overbidders Contact (pdf) Have a separate check for each file on which you intend to bid.
We will read the sale notice, the written bid from the lender and ask for any other bids. At that time, you need to announce your name and your bid. No bid increase can be less than $1.00. In the event of competitive bidding, you will be expected to tender funds sufficient to cover your bid at the time of the sale.
If you tender funds in excess of your bid, we will refund the difference the next day and sales are final. A Certificate of Purchase will be recorded only to the name indicated on the Overbidder's Contact Information form, however, Certificates of Purchase are assignable.

Acceptable Funds:

Prior to sale, you need to obtain a cashiers check(s) or certified funds in the amount of your bid. Your check must be made payable to the Jefferson County Public Trustee.

The funds may also be sent by verifiable wire transfer for the wire fee of $10.00 to the Public Trustee's account the day before the sale. If you are the unsuccessful bidder, we will issue a refund or wire the funds back to you for the wire fee of $15.00.
Cash is not recommended, but will be accepted. Successful bidders who wish to use cash must complete all necessary Internal Revenue Service forms at the time of sale. These forms are available in the Public Trustee's office.

Deficiency Bids:
 
In some instances, a lender may file a deficiency bid.  A bid is considered deficient when it is in an amount less than the amount owed to the lender. Bidding on properties that have deficiency bids begins at one dollar over the bid amount not the total amount due.
In most cases, lenders file deficiency bids because the adjusted fair market value of the property is less than the amount owed.  A lender can sue the homeowner, or anyone who signed the original promissory note for the amount of the deficiency.

Bankruptcy:
 
When a bankruptcy is filed, the bankruptcy court will issue a court order that prevents any creditor from attempting to collect any debt from the person who declared bankruptcy. Creditors, even though they are owed money, may not undertake foreclosure, repossession, eviction or seizure.
A bankruptcy filing by the owner of the property stops the foreclosure sale until one of the following occurs:

The automatic stay is lifted.
The bankruptcy court abandons the property.
The bankruptcy case is dismissed or closed.

What's Next?

Go on to the next stage of the foreclosure process by selecting it from the timeline or by click this Foreclosure Process link.

Last Modified: Mar 1, 2011 12:17 PM