Foreclosure sales are held weekly on Wednesday, at 10:30 AM, in our Boulder office. You can find out what will be offered at the sale by checking out our foreclosure sale lists. Please arrive early on the day of the sale, as all bidders are required to register.
Bidding
The Lender’s Bid
The lender will submit a bid to our office by noon, two business days prior to the sale. If a bid has not been received on time, the sale will be continued to the following week. After submitting this bid, the lender may choose to amend it anytime up to noon of the business day prior to the sale. Please check our foreclosure search or the pre-sale list, which we post Monday afternoon prior to the sale. Lenders may also pull their bids prior to the sale, which will cause the sale of a property to be continued to a later date.
Bidding at the Sale
Bids at the sale will be presented in written form. After the lender’s bid is announced, bidding will commence, with the member of our office who is running the sale moving through bidders in turn, accepting their bids and announcing them to everyone present, until bidding has ended.
Payment
Payment may be made in certified funds (cash, cashier’s check, money order, wire). Personal checks are not accepted. Payment in full must be received in our office by 1:00 PM on the day of sale. Please contact us if you require wire instructions.
If payment is not made by the deadline, the property will be offered to other bidders at the sale who had bid on the property.
After the Sale
Certificate of Purchase
We will record and issue a Certificate of Purchase to the successful bidder for a property within 5 business days of the completed sale.
Redemption
Junior Lienor Intent to Redeem
After a property has been sold at the foreclosure sale, junior lienholders may redeem in order of the seniority of their liens. The holder for a Certificate of Purchase subject to redemption must provide our office with redemption figures, as noted below. Upon a successful redemption, the Public Trustee will record and issue a Certificate of Redemption.
A junior lien holder has 8 business days after the property is sold at foreclosure sale to file intent to redeem. The most senior lien may redeem 15 to 19 business days after the sale, but no later than noon the final day. If multiple lienholders file intent to redeem, each additional lienholder will receive a five day redemption period.
If redemption occurs, 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 specified by Colorado Revised Statutes. If you have a Certificate of Purchase, be prepared to provide receipts for expenses incurred. Redemption figures must be received within 13 business days after the sale. The statement must specify all sums needed to redeem including the amount of per diem interest and the interest rate. The statement may be amended up until 2 business days before the start of the next applicable redemption period.
Confirmation Deed
Once all applicable redemption periods, if any, have ended, the Public Trustee will issue a Confirmation Deed, transferring title to the property, to the holder of the Certificate of Purchase, or, when one or more redemptions have been made, to the holder of the final Certificate of Redemption.
Prior to the issuance of the Confirmation Deed, both Certificates of Purchase and Certificates of Redemption are assignable.