Colorado Foreclosures and Foreclosed Homes for Sale

Colorado has a very unique way of handling foreclosures. Much like other states, foreclosures can take place in or out of court, but Colorado foreclosures are mostly out of court, or non-judicial. However, instead of auctions being guided by the county clerk, as is the case with the majority of states, Colorado has a public trustee in every county to oversee foreclosure auctions. Public trustees can be either appointed by the governor or elected by the people.

Once a foreclosure begins, the public trustee handles all its various aspects. It is the trustee who schedules the auction date, and takes care of the required borrower notification. In addition, the trustee is responsible for publishing the notice of sale in a local newspaper for five weeks. The trustee also oversees the actual auction, which takes place at the local county courthouse.

The general public is welcome to bid on foreclosure auctions in Colorado. The auction itself is not a silent one. On the contrary, each bid is read aloud by the trustee, who then awards the property to the highest bidder. Once a property has been sold at auction, the original homeowner can claim it back, but only if they pay the new owner the full bid price, plus interest and miscellaneous fees.

If you are interested in purchasing a foreclosure in Colorado, you will undoubtedly have many questions, which can best be answered by an experienced real estate agent. Purchasing a home that has been foreclosed on can be a rewarding experience, especially if you have a trained professional on hand to guide you through the process.

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