Sales are held every Wednesday, at 10:00 a.m., in the BOCC Hearing Room at 100 Third Street, Castle Rock, unless County offices are closed or the sale has been canceled by the Douglas County Public Trustee.
No later than 12 noon on the Monday before the sale (or the previous Friday if the Monday is a holiday) before the Public Trustee sale, the foreclosing lender must produce a written bid to purchase the property. This becomes the lender’s minimum bid for the Public Trustee auction. Lenders may amend their bids in writing until Tuesday at noon or in person at the time of the sale. If a bid is not received from the lender for the property set for sale, the sale on that property is continued for at least one week.
Foreclosure Sale Process
Registration for the sale begins at 9:30 a.m. on the day of the sale. Bidders may preregister by calling the Public Trustee’s office before Wednesday. All prospective bidders are required to check-in and/or register with the Deputy in charge of the sale prior to the 10:00 a.m. start in order to expedite the sales process. Prospective bidders are asked to indicate which foreclosures they are interested in bidding on and complete a bid sheet. Only those foreclosures of interest will be read at the sale.
Parties interested in bidding on a property must be in possession of certified funds made out to the Douglas County Public Trustee equal to the lender’s minimum bid plus $50. The Deputy verifies the certified fund amounts and confirms the information that is on the bid sheet. (Bidders may not join the auction until certified funds are verified.)
If an individual cannot be present at the auction, their representative must provide a document authorizing him/her to be bid in their place. If the name on the Certificate of Purchase is to be different from the person authorized to bid, the exact name of the person/company in which the Certificate of Purchase is to be issued must be specified on the bid sheet.
At the beginning of each property’s auction, the written minimum bid from the foreclosing lender is announced by the official in charge of the sale as the opening bid. All subsequent bids will be taken in increments of no less than $50 more than the previous bid. Bidding is competitive and done orally with each bidder announcing their name and the amount bid.
When the final bid is determined, the successful bidder will then be required to present certified funds.
If the successful bidder presents certified funds for the difference amount over the minimum amount required, a refund check will be issued after verification that the funds have cleared. This should occur on the 4th business day following the sale, or later if the check is written on a bank outside of our Federal Reserve region. The check will be mailed to the winning bidder unless the bidder asks, on the competitive bid information sheet, that it be held for pick-up. If the successful bidder requests time to replace any additional check(s) that overpay the successful bid difference with a new check that accurately pays the successful bid difference, the Public Trustee may allow additional time of up to two (2) hours after the conclusion of the Public Trustee foreclosure sale.
Upon request, the Public Trustee may grant an additional time of up to two (2) hours after the conclusion of the Public Trustee’s foreclosure sale to obtain the full difference amount of the winning bid. In those instances, the successful bidder must present cash or certified funds to cover the full amount. Funds received within two (2) hours following the conclusion of the sale are considered paid at the time of sale. If the Public Trustee is unable to verify that funds have been received in the designated electronic account or in the office at the end of that 2-hour period, the Public Trustee will contact the next highest bidder. That bidder will be given two (2) hours to produce funds.
This process will continue for each property with registered bidders. For properties where no one submitted bids, the property will be shown sold to the foreclosing lender who submitted the minimum written bid. The Certificate of Purchase (COP) will be issued to the winning bidder.
All moneys payable to the Public Trustee at any foreclosure sale shall be in the form of cash, electronic transfer to an account of the Public Trustee available for such purpose, or certified check, cashier’s check, teller’s check, or a draft denominated as an official check that is a teller’s check or a cashier’s check as those terms are defined in and governed by the “Uniform Commercial Code”, title 4, C.R.S., made payable to the Public Trustee, and certified or issued by a state-chartered bank, savings and loan association, or credit union licensed to do business in the state of Colorado or a federally chartered bank, savings bank, or credit union.
The preceding rules are subject to change based on best practices and special circumstances as determined by the Douglas County Public Trustee. Changes will be posted in the Public Trustee office and on the Douglas County Public Trustee’s website five (5) calendar days prior to the new rule taking effect.