Sale Policy

OFFICE OF THE SUMMIT COUNTY PUBLIC TRUSTEE

Summit County Foreclosure Sale Day Policy

1. Sales are held on Fridays at 10:00am at the Office of the Public Trustee, 208 E. Lincoln Ave, Breckenridge CO 80424.

2. Potential buyers or their representative must be physically present to participate.

3. All bidders must register in the Public Trustee’s office by no later than 9:45am the day of sale. At the time of registration, bidders must provide the name and contact information for which the Certificate of Purchase will be recorded.

4. Lenders must submit their bid no later than Wednesday at Noon prior to the date of sale. Lenders may submit written or electronic amendments to their bids until Thursday at noon.

5. A lender may amend a sale bid after Thursday at noon only by sending someone to the sale in person. Such amendments are announced at the start of the auction.

6. The Public Trustee will not read the details on each individual property. However, details of the pre-sale list are available on our website by 5:00pm Wednesday and printed copies are available to all persons present at the sale.

7. A minimum bid increment will be announced at the time of the sale.

8. Bidding will be conducted auction style. When the bidding stops, the highest bidder wins.

9. All persons wishing to participate in a foreclosure auction must provide proof of funds in the amount of the initial bid provided by the lender plus an additional $100.00.

10. Full payment must be provided to the Public Trustee at the conclusion of all auctions held that day.

11. Sales are not final until after funds have been verified and the Public Trustee has issued a receipt.

12. Unsuccessful bidders are advised at the end of all auctions held that day to wait until after funds have been verified before leaving; unsuccessful bidders will not be contacted to return if the previous successful bidder funds are not verified.

13. If funds are insufficient, the next highest present bidder will be considered the high bidder.

14. All transactions are considered separate and funds from one cannot be applied toward the purchase of another property.

FUNDING OPTIONS

 Certified Check (Cashiers or Teller)

 Wire Transfer

REFUNDS

 If the winning bidder provides more money than the amount of the final winning bid, a check will be issued within 2 hours of the conclusion of the sale. Alternatively, the winning bidder may request that the refund check be mailed.

 Refunds will be issued to the party identified as the remitter on a certified check.

 No third-party endorsed checks are accepted.

 Unsuccessful wire bids will be rejected and returned to the issuing bank.

THE LIENS BEING FORECLOSED MAY NOT BE A FIRST LIEN – YOU ARE EXPECTED TO EXERCISE DUE DILIGENCE BY RESEARCHING ANY LIENS ON THE PROPERTY PRIOR TO BIDDING AT THE SALE. THE PUBLIC TRUSTEE DOES NOT KNOW THE POSITION OF THE LIEN BEING FORECLOSED. IF YOU ARE THE SUCCESSFUL BIDDER ON A FORECLOSURE, TITLE DOES NOT VEST INTO YOUR NAME UNTIL EIGHT BUSINESS DAYS AFTER THE SALE, OR IF LIENOR INTENTS TO REDEEM ARE FILED AT THE END OF ALL REDEMPTION PERIODS. YOU DO NOT HAVE A RIGHT TO ENTER THE PROPERTY IF IT IS OCCUPIED WITHOUT FIRST GOING THROUGH THE LEGAL PROCESS TO EVICT.

Overbids

If an overbid has occurred at the sale, you may be eligible for overbid funds after all redemption periods have expired. Overbid funds are disbursed as follows:

  • To the foreclosing lender to the extent of any deficiency bid.
  • Next to junior lien holders whose lien was of record when the Notice of Election and Demand was recorded, who filed a Notice of Intent to Redeem and whose lien has not yet been redeemed.
  • Finally to the property owner as of the recording of the Notice of Election and Demand.

Note: A lien holder who accepts a short redemption before the end of all applicable redemption periods shall not be entitled to any excess proceeds. Unclaimed excess proceeds with be held for five years before being turned over to the Great Colorado Payback