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 must be done outside this office prior to the sale.  If this rule is violated, you can and will be banned from future sales. Outside this office is another matter. Be aware that there are Colorado Statutes on bid rigging.
3. Properties with registered over bidders will be sold first in order of foreclosure number.
4. Starting Oct. 1, 2012, overbid funds will be collected as soon as the property is struck and sold. If you do not have certified funds or cash to honor your winning bid, we will immediately re-open the auction at the bid submitted immediately prior to your un-honored bid. If you fail to honor your winning bid, you will be unable to bid on any property for the remainder of that sale and at the next four scheduled sales. Your word is bond.

BIDDING AND BID FORM - PLEASE USE THE CURRENT BID FORM:

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. Pay attention to the description of the property at auction. Know what you are bidding on.
5. Anyone interested in bidding must present the completed “Overbidder’s Contact Information” form for each property you plan to bid on. Completing this form does not obligate you to bid.
6. Overbidder's Contact Information form must be submitted by 9:45 a.m. so that we have time to set up the over bid sale. We are in the sale room at 9:15 a.m. to accept bid forms.
7. The minimum overbid is one dollar ($1.00).
8. 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.
9. Overbids received at sale will be processed pursuant to CRS 38-38-111.

PAYMENTS TO PUBLIC TRUSTEE GOVERNED BY CRS 38-37-108:

1. We take payment immediately after the property is struck off and sold to you. Your payment must include 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.
2. Sale of other properties will continue while payment is taken. If you wish to bid on a property while you are paying, you may. However, you must first present good funds for your winning bid.
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 can be applied to other properties you win during that day's sale. Remaining funds after you have paid for all properties where you are the winning bidder will be reimbursed to the holder of the Certificate of Purchase by check. This check will be available after 7:30 a.m. on the following Wednesday. At your request, we will mail the check. 

WINNING BIDDERS:

1. The Certificate of Purchase is ONLY evidence of your investment in the property. The Certificate of Purchase does not transfer the title of the property. When the 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.
2. Recorded copies of the Certificate of Purchase are available from the Jefferson County Clerk and Recorder. Unofficial copies are available from the Public Trustee’s web site. 

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 the Public Trustee's Confirmation Deed:
• The Public Trustee deed fee is included in the bid. For those foreclosures on which the Notice of Election and Demand was recorded Sept. 1, 2012, or after, deeds will be issued automatically to the Certificate of Purchase holder unless we receive an assignment within ten (10) business days after the sale.
• For foreclosures filed under foreclosure law effective Sept. 1, 2012, the Confirmation Deed can be issued prior to the tenth business day after title vests if the Public Trustee receives notice from the holder that the certificate will not be assigned.
• For foreclosures filed under foreclosure law changes effective Jan. 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.
• 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.
• 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. If you need assistance with evictions, it is suggested that you contact the Jefferson County Sheriff's Office Civil Division located in Suite 1520 in the Jefferson County Administration building, 100 Jefferson County Parkway, Golden, CO  80419.

 

 

Last Modified: Sep 27, 2012 10:43 AM