Foreclosure Sale Policy

Foreclosure Sale Policy
Jefferson County Public Trustee
Margaret T. Chapman, Public Trustee

Colorado Revised Statute 38-38-106 (7)(a)(b) states the Public Trustee may establish written policies available to the general public relating to all aspects of the foreclosure sale that are consistent with the foreclosure statutes. Our policies are posted on our web site, posted in our lobby and read at the beginning of each sale.

Sale Order and Procedure

1. So that everyone can clearly hear the bids, please do not talk or visit during the sale.  Please turn off all cell phones and refrain from texting during the sale.
2. Any discussions or financial transactions with other bidders need to be done outside this office prior to the sale.  If this rule is violated, you can and will be banned from future sales as Colorado law directs each Public Trustee to set sales policies.
3. Properties with registered over bidders will be sold first.
4. Sales will be in order of foreclosure number
5. Until all funds are tendered, the overbid auction for a property may be re-opened. If an over bidder does not have funds available, the auction on that property will be re-opened and we will start the bidding at the lenders bid.

Bidding and Forms:

1. The Public Trustee issues no warranties, expressed or implied, concerning the properties offered for sale.  Please do your research and due diligence before bidding.  All sales are final.
2. Those interested in bidding must personally attend the sale. If you can’t attend and wish someone to bid for you, we must have a letter of agency notarized pursuant to CRS 15-14-607.
3. We do not take over bids by phone, fax or email.
4. Anyone interested in bidding today must present the completed “Over bidder’s Information” form for each property you plan to bid on. Completing this form does not obligate you to bid.
5. Bid forms must be submitted by 9:45 a.m. so that we have time to set up the Over bid sale.
6. The minimum overbid is one dollar ($1.00).
7. Each time a bid is made, the bidder must announce the bidder’s name, first, and then the full amount of the bid.  No other comments.  Bidders must remain in sight of the auctioneer.
8. Excess funds received at sale will be processed pursuant to CRS 38-38-111.

Payments to Public Trustee Government by CRS 38-37-108:

1. Payment is taken in the order properties are sold.
2. ALL funds for overbids must be with you at the time of the sale.  This includes the amount of the lender’s bid AND the complete amount of your overbid. You do not have time to leave this office to get any additional funds.  You can only bid up to the amount of certified funds and cash you have with you.
3. We do not take personal checks, business checks, credit cards, debit cards or letters of credit.
4. Under Colorado law, certified funds checks MUST be made payable to the Jefferson County Public Trustee.
5. We accept wire transfers which must be sent the day prior to the sale.  Funds must be in our account and be verified.
6. Any amount that you tender over your accepted bid amount will be reimbursed to the holder of the Certificate of Purchase by check, which will be available after 7:30 a.m. the next business day following the sale.   At your request, we will mail the check. 
7. If a property is struck off and sold to you and you do not have certified funds or cash with you or if you fail to tender funds, we will re-open the auction on that property and start the bidding at the lenders bid. You will not be allowed to participate in the re-opened auction.

Winning Bidders:

1. Winning bidders – DO NOT leave this office until funds are paid.
2. The Certificate of Purchase is recorded with the Jefferson County Clerk and Recorder. Winning bidders may obtain an unofficial copy from the Public Trustee’s Web site.  Recorded copies are available from the Clerk and Recorder. The Certificate of Purchase is only the evidence of your investment in the property.  It is not a document giving title to the property. When an Intent to Redeem is filed, the holder of the Certificate of Purchase will be contacted for a signed and notarized redemption statement that must comply with CRS 38-38-302.

Redemptions

1. Please be aware that the foreclosing attorney may rescind the sale during the redemption period except in the case of a third party bidder in which the sale can be set aside.
2. Issuing Public Trustee’s Confirmation Deed:
1. All deeds will be issued only upon written request.  Requests are processed weekly.
2. Deeds can be issued for foreclosures filed after Jan. 1, 2008, upon expiration of all redemption periods allowed, or, at the close of our office fifteen (15) business days after the sale.
3. For foreclosures filed under foreclosure law changes EFFECTIVE
   JANUARY 1, 2010, there is an additional provision to the 2008 law. The Deed can be issued nine (9) business days after the sale if no Intent to Redeem has been filed.
4. For properties filed under the law prior to Jan. 1, 2008, speak to a member of the Public Trustee’s staff.
3. Please consult your legal advisor for clarification of your rights, the rights of the homeowner and other lien holder’s rights during the redemption period – especially if there is a federal tax lien on the property.

Access to Property
As the grantee named in the Certificate of Purchase, you do NOT HAVE IMMEDIATE RIGHT OF ACCESS TO THE PROPERTY.  A Certificate of Purchase does not transfer title to you.  It merely evidences your investment made at the time of sale.  You may access the property when title vests.  It is suggested that you contact the Jefferson County Sheriff’s Office Civil Division located in Suite 1520.  

Last Modified: Aug 5, 2010 01:21 PM