(1) (a) The holder of the evidence of
debt or the attorney for the holder shall submit a bid setting forth the holder's
initial bid for the property that is received by the officer no later than 12 noon on the
second business day prior to the date of sale as provided in this section. In addition,
if the sale will be conducted electronically, the holder may also include a maximum
bid for the property. The holder or the attorney for the holder need not personally
attend the sale. If the sale will be conducted electronically and the holder has
elected to include a maximum bid, the bid shall be increased electronically in
increments incorporated in the electronic program used by the officer to conduct
the electronic sale up to such maximum bid if one or more third parties submit
competing bids for the property.
(b) If the bid is not received by the officer by the deadline, the officer shall
continue the sale for one week and shall announce or post a notice of the
continuance at the time and place designated for the sale.
(2) The holder of the evidence of debt shall submit a signed and
acknowledged bid, or the attorney for the holder shall submit a signed bid, which
must specify the following amounts, itemized in substantially the following
categories and in substantially the following form:
BID
To:
Public Trustee (or Sheriff) of the County (or City and County) of , State of
Colorado (hereinafter the officer).
Date:
, whose mailing address is , bids the sum of $ in
your Sale No. to be held on the day of , 20 .
The following is an itemization of all amounts due the holder of the evidence of debt
secured by the deed of trust or other lien being foreclosed.
Street address of property being
foreclosed, if known: __________
Regular [ ] / default [ ] rate of interest as of the date of
sale: __________
(Inapplicable items may be omitted):
Amounts due under the evidence of debt:
Principal $ __________
Interest __________
Late charges __________
Allowable prepayment penalties
or premiums __________
Other amounts due under the evidence of debt
(specify) __________
__________ __________
__________ __________
Category subtotal: $ __________
Other fees and costs advanced by the holder of evidence of
debt:
Property, general liability, and
casualty insurance __________
Property inspections __________
Appraisals __________
Taxes and assessments __________
Utility charges owed or incurred __________
Owner association
assessment paid __________
Permitted amounts paid on
prior liens __________
Permitted lease payments __________
Less impound/escrow account credit __________
Plus impound/escrow account deficiency __________
Other (describe) __________
Category subtotal: $ __________
Attorney fees and advances:
Attorney fees __________
Title commitments and insurances or abstractor
charges __________
Court docketing __________
Statutory notice __________
Postage __________
Electronic transmissions __________
Photocopies __________
Telephone __________
Other (describe) __________
Category subtotal: $ __________
Officer fees and costs:
Officer statutory fee __________
Publication charges __________
Certificate of purchase
recording fee __________
Confirmation deed fee __________
Confirmation deed
recording fee __________
Other (describe) __________
Category subtotal: $ __________
Total due holder of the evidence of debt __________
Initial Bid $ __________
Deficiency $ __________
I enclose herewith the following:
1. Order authorizing sale.
2. Check (if applicable) to your order in the sum of $_____ covering the balance
of your fees and costs.
3. Other: .
Please send us the following:
1. Promissory note with the deficiency, if any, noted thereon
2. Refund for overpayment of officer's fees and costs, if any
3. Other: .
Name of the holder of the evidence of debt
and the attorney for the holder:
Holder:
Attorney:
By:
Attorney registration number:
Attorney address:
Attorney business telephone:
(3) Upon receipt of the initial bid from the holder of the evidence of debt or
the attorney for the holder, the officer shall make such information available to the
general public.
(4) The officer shall enter the bid by reading the bid amount set forth on the
bid and the name of the person that submitted the bid or by posting or providing
such bid information at the time and place designated for sale.
(5) Bids submitted pursuant to this section may be amended by the holder of
the evidence of debt or the attorney for the holder in writing or electronically, as
determined by the officer pursuant to section 38-38-112, no later than 12 noon the
day prior to the sale, or orally at the time of sale if the person amending the bid is
physically present at the sale or electronically during the sale if the sale is
conducted by means of the internet or another electronic medium. A bid submitted
pursuant to this section may be modified orally at the time of sale if the person
making the modification modifies and reexecutes the bid at the sale.
(6) The holder of the evidence of debt or the attorney for the holder shall bid
at least the holder's good faith estimate of the fair market value of the property
being sold, less the amount of unpaid real property taxes and all amounts secured
by liens against the property being sold that are senior to the deed of trust or other
lien being foreclosed and less the estimated reasonable costs and expenses of
holding, marketing, and selling the property, net of income received; except that
the holder or the attorney for the holder need not bid more than the total amount
due to the holder as specified in the bid pursuant to subsection (2) of this section.
The failure of the holder to bid the amount required by this subsection (6) shall not
affect the validity of the sale but may be raised as a defense by any person sued on
a deficiency.
(7) (a) (I) Other than a bid by the holder of the evidence of debt not exceeding
the total amount due shown on the bid pursuant to subsection (2) of this section,
the payment of any bid amount at sale must be received by the officer no later than
the date and time of the sale, or at an alternative time after the sale and on the day
of the sale, as specified in writing by the officer. The payment must be in the form
specified in section 38-37-108. If the officer has not received full payment of the
bid amount from the highest bidder at the sale pursuant to this subsection (7), the
next highest bidder who has timely tendered the full amount of the bid under this
subsection (7) is deemed the successful bidder at the sale.
(II) If the holder of the evidence of debt is the highest bidder with a bid that
exceeds the total amount due shown on the bid pursuant to subsection (2) of this
section, the holder of the evidence of debt is only required to pay the excess of the
amount bid over the amount due the holder of the evidence of debt, as shown on the
bid submitted pursuant to subsection (2) of this section.
(b) The officer may establish written policies relating to all aspects of the
foreclosure sale that are consistent with the provisions of this article. The written
policies shall be made available to the general public.