Want to buy a FORECLOSED house at the Public trustee auction in Colorado?
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The El Paso Public Trustee holds a foreclosure auction every Wednesday at 10 AM. If you are interested
in trustee auctions in other counties, check out their web sites and it will tell you when and where there sale date is held. Here's the web site that lists every Public Trustee in Colorado, their contact info, and their web sites. Here's some of the steps involved in bidding:
(1) Bidders must submit a bidder registration form (available at the El Paso Public Trustee website or at the Public Trustee reception desk) in person to the Public Trustee at the Auction. A separate form for each property is required.
(2) Bidders are required to hold their own money during the course of the auction.
(3) Bidders must have certified funds (cash, cashier's checks, teller's checks, or official checks are the only acceptable options) equaling the amount of the bank's bid plus $50.00. In some other Colorado counties, including Douglas County, the opening bid must be $100.00 over the bank's bid.
(4) Checks are made payable to The El Paso Public Trustee. The Trustee's Office will NOT accept checks made out to private parties, third-party individuals or companies, even if the check has been endorsed tot he Public Trustee.
(5) Its important to know that the Public Trustee Deed contains no warranty of title and the Public Trustee does not check whether taxes have been paid or if there are other liens against the property.
Important things to know
It's important to note that there is no longer any redemption period for the previous owner after a foreclosure sale in Colorado. If a property is sold at auction to an investor or a homeowner, the previous owner CANNOT redeem. They are no longer the owner of the property.
Also, once a property is purchased at auction by an investor or a potential home owner, junior lien holders have eight business days in which to purchase the property from the successful auction buyer for the sale amount plus interest.
If no potential buyers come forward at the Trustee auction, the home is returned to the lender and the home will eventually come back on the market as an REO (Real Estate Owned).
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Selling Real Estate in the Colorado Springs area, including Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake
www.ColoradoSpringsVintageHomes.com, www.KathyTorline.com
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