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Foreclosure Sale Participation Requirements
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**Bidding Policies**
The Denver Public Trustee holds a foreclosure auction every Thursday at 10:00 a.m., except during the week of Christmas, in which we do not hold an auction.
- In order to participate in the bidding process, bidders must submit a bidder registration form in person. Registration forms are available at the www.denvergov.org/public_trustee or at the Public Trustee reception desk. The bidder registration form must be filled out prior to arriving at the front desk at the Public Trustee’s office. No incomplete bidder registration forms will be accepted. No e-mails or faxes of bidder registration forms will be accepted.
- The Denver Public Trustee requires that bidders fill out a separate bidder registration form for each property they wish to bid on. Each form submitted will be stapled with a bidder’s ticket and the Public Trustee number will be written on the reverse side of the ticket. The bidder will receive a copy of this ticket as a precaution against the bidder registration form being misplaced. Bidders must have one ticket for each bidder registration form filled out. If the ticket cannot be produced, the bid does not count and the bidder will not be allowed to bid on the property. NO EXCEPTIONS.
Note: The ticket system acts as a fraud prevention measure and bidders are required to hold onto their tickets until the auction is concluded, at which time the tickets may be discarded.
- The Denver Public Trustee will not apply a single check to more than one foreclosure sale. A separate check must be submitted for each proerty won at auction. The Denver Public Trustee’s Office will not collect checks at the beginning of the auction. Bidders will be required to hold their own money during the course of the auction.
Note: Overbid funds and refunds will not be available for a minimum of 4 business days.
- Bidders must have certified funds (cash, cashier’s checks, teller’s checks, or official checks) equaling the amount of the bank’s bid plus $1.00 and this check Must be made payable to "The Denver Public Trustee". The Denver Public Trustee’s Office will not accept checks made out to private parties, third-party individuals or companies. Making out a check in a larger amount than the bank's bid plus $1.00 confers no advantage. The Denver Public Trustee’s Office has an open auction pool. Any bidder who has the amount of the bank’s bid plus $1.00 in certified funds may win a multiple-bidder auction.
- In the event of an overbid, the winning bidder must return with the remaining funds due in certified form no later than 2:00 p.m. the same day of the auction or forfeit the transaction.
Note: In the event that the winning bidder does not arrive at the Public Trustee's office by 2:00 pm, the second place bidder has the opportunity to come to the Public Trustee's office by 2:00 pm with funds in the total amount of their highest bid. If the second place bidder comes to the Public Trustee's office, and the first place bidder does not, the second place bidder will be deemed to have won the auction
- If this same auction involved more than two bidders and neither of the two highest bidders showed up by 2:00 pm, the following will occur:
- We will immediately send an e-mail BLAST to all remaining bidders with Bidder Registration Forms on record for that given property auction. (MAKE SURE your e-mail address is legible on your Bidder Registration Form. We will not be responsible for sending the e-mail blast to an illegible e-mail address.) The remaining third-party bidders who are still interested in the property must be in the Public Trustee's office at 4:30 pm auction day with certified funds in the amount of each of their respective highest bids for the property at the auction. The Public Trustee's Office will go in order, from the third highest to the lowest bid made at the auction for the given property, and shall deem the highest bidder present with the appropriate amount and type of funds to be the successful bidder.
- In summary:
- If neither the highest bidder nor the second-highest bidder at a given property auction comes to the Public Trustee's office with their respective amounts due by 2:00 pm auction day, the first and second-highest bidders forfeit their rights. ALL other bidders with valid Bidder Registration Forms for that given property auction will be sent an e-mail BLAST announcing that the sale is still open and instructing them to be at the Public Trustee's Office at 4:30 pm auction day with certified funds in the amount of their respective high bids at auction on the given property. Third-party bidders who are still interested must obtain their certified funds and be present in the Public Trustee's office at 4:30 pm auction day. The highest bidder at the given property auction earlier that day, other than the first and second highest bidders, who is ready and able to tender the appropriate amount due shall be the successful bidder on that property.
- The Denver Public Trustee does accept bank wires. Instructions for bank wires can be found on-line at www.denvergov.org/public_trustee or at the Denver Public Trustee reception counter. Wired funds must be received in the office of The Denver Public Trustee by the end of business, the day before the auction.
Note: All wires require an extra processing fee of $15.00 in addition to your bid funds.
- If at the end of a given auction the Public Trustee is not in receipt of funds in the forms previously specified for at least the bank's bid plus $1.00, the auction is null and void and The Denver Public Trustee will immediately conduct a new auction for the same property.
- In order to process the multitude of bids received, it is necessary to halt acceptance of bidder registration forms at the reception counter at 9:30 a.m. sharp. Bidders wishing to participate in the auction must have the bidder registration form time stamped at the Denver Public Trustee reception counter no later than 9:30 a.m. sharp or it will not be honored. NO EXCEPTIONS WILL BE MADE!! Therefore, it is highly recommended that all bidders arrive at the auction in a timely manner.
Non-bidding onlookers are welcome and encouraged to attend.
- Properties can be pulled from the auction up to the commencement of the the auction, as required by C.R.S. 38-38-109. As a result, it is possible that a property was scheduled for auction when a bidder registration form was accepted at the Denver Public Trustee's reception counter, but is no longer scheduled for auction at the commencement of the auctions. If a property is pulled, the property address and the Public Trustee’s sale number will be announced at the beginning of the auction process, and the foreclosure number will be posted on the wall near the front counter.
NOTE: Requests to pull properties from an auction come via e-mail and may also come via postal mail. In the event of a delayed request from the lender or their attorney to pull a bid which can be documented as having been sent before the 10:00 am deadline, the results for that auction will be considered null and void. In the event of a voided auction, all funds received for that property from the would-be winning bidder will be returned within 24 hours. The auction will then be rescheduled per the continuance request.
- The Denver Public Trustee’s Office will begin every auction by auctioning single-bidder properties first so as not to keep bidders waiting unnecessarily through a succession of bidding wars. As soon as each single bidder’s check is deemed valid, the bidder may take his or her receipt and leave the auction - or remain for the rest of the auction.
- At the auction, bidders will be called on in the order that their registration forms were time stamped at our front desk. The first party to place a bid is required to beat the lender's initial bid by no more or less than $1.00. The next bidder must round up their total bid to a multiple of $100.00, and each subsequent bidder must call out bids in multiples of $100.00 thereafter. In all cases, each bid must not advance the prior bid by more than $5,000.00 or 20 percent of the lender's initial bid, whichever is higher.
- At the conclusion of each auction, the winning bidder will be asked to immediately present his or her funds to the clerk who will determine whether or not the winning bidder's check is valid. If the check is deemed valid, a receipt will be issued. If the check is deemed invalid, the auction is void and a new auction will be immediately conducted.
- Bids are considered final when written down by the auctioneer on the bid sheet. Once your bid has been written down, it cannot be changed and will be considered final. NO EXCEPTIONS!!
Note: If the Public Trustee suspects fraud or collusion or abuse of the proper bidding protocols, the Public Trustee reserves the right to stop the auction and contact the property's foreclosing attorney to continue the sale to the following week. The Public Trustee also reserves the right to ban abusers of the auction processes from current and future auctions on a temporary or permanent basis.
- Based on statute 38-38-106(7), full payment of the winning bid amount from the highest bidder must be tendered by no later than 2:00 p.m. on the date of sale. If funds from the highest bidder are not tendered by 2:00 p.m. on the date of sale, the second highest bidder has the opportunity to tender his highest bid amount by 2:00 p.m.on the date of sale and be deemed the winner of the auction. Bidders in third place or lower do not receive an opportunity to tender funds. If both the highest and the second highest bidders fail to tender sufficient funds by 2:00 pm on the date of sale, the property will revert back to the bank.
Note: Bidding is conducted on each property separately. Jumping in and out of the bidding pool on a particular property is not permitted. If a bidder’s name is called and the bidder chooses to pass, that bidder has permanently withdrawn his or her name from the bidding pool for that property.
- Auction results will be available at The Denver Public Trustee’s Office in hard copy format by noon on the day of auction. Sales results will be posted online at www.denvergov.org/public_trustee by 2:00 p.m. on auction day.
Note: If auction results are not posted on the website by 2:00 p.m. on auction day, please call the Public Trustee’s office for a copy of the auction results to be e-mailed. A continuance list will be posted at the same time as the auction results.
- Winning bidders will be e-mailed a Certificate of Purchase (COP) within 10 business days of auction. It is up to the bidder to ensure that the e-mail address is clearly written on the bidder registration form.
- Once title has vested (after all redemption periods have expired), the COP holder must request a Confirmation Deed, forms for which are now available at The Denver Public Trustee’s reception desk or online at www.denvergov.org/public_trustee. The cost for processing a Confirmation Deed is $30.00 for the Confirmation Deed and a recording fee of $11.00, or more, depending on the number of pages to be recorded as well as the number of grantors and grantees that are to be put on the Confirmation Deed.
- Bidders are responsible for making themselves aware of any title concerns that may exist for any property that is up for Public Trustee Auction. The Public Trustee has no legal obligation to provide to any bidder any information or documentation pertaining to the state or quality of the title for the foreclosed property.
- Title to a property that is successfully bid upon during the Public Trustee auction will vest in accordance with state statutory requirements as provided in section 501 of Article 38 of Title 38 of the Colorado Revised Statutes.
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