C.R.S. Section 38-38-106
Bid required

  • form of bid

(1)

Intentionally left blank —Ed.

(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.

Source: Section 38-38-106 — Bid required - form of bid, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-38.­pdf (accessed Oct. 20, 2023).

38‑38‑100.3
Definitions 38‑38‑101
Holder of evidence of debt may elect to foreclose 38‑38‑102
Recording notice of election and demand - record of sale 38‑38‑102.5
Notice prior to residential foreclosure - hotline 38‑38‑103
Combined notice - publication - providing information 38‑38‑103.1
Single point of contact - servicer to designate - duties - exemption 38‑38‑103.2
Dual tracking prohibited - notice to officer - continuation of sale pending inquiry 38‑38‑104
Right to cure when default is nonpayment - right to cure for certain technical defaults 38‑38‑105
Court order authorizing sale mandatory - notice of hearing for residential properties - definition 38‑38‑106
Bid required - form of bid 38‑38‑107
Fees and costs - definitions 38‑38‑108
Date of sale 38‑38‑109
Continuance of sale - effect of bankruptcy - withdrawal of sale 38‑38‑110
Sales by officer - location - announcement - records - electronic devices - definitions 38‑38‑111
Treatment of an overbid - agreements to assist in recovery of overbid prohibited - penalty - definition 38‑38‑112
Use of electronic documents authorized 38‑38‑113
Rescission of public trustee sale 38‑38‑114
Unclaimed refunds - disposition under “Revised Uniform Unclaimed Property Act” 38‑38‑201
Foreclosure of installments without acceleration 38‑38‑301
Holder of certificate of purchase paying charges - redemption 38‑38‑302
Redemption by lienor - procedure 38‑38‑304
Effect of redemption 38‑38‑305
Lessee, easement holder, and installment land contract vendor considered as lienors - installment land contract vendee considered as an owner 38‑38‑306
Rights of other lienors to redeem - definition 38‑38‑401
Certificate of purchase - issuance 38‑38‑401.5
Certificate - priority of lien 38‑38‑402
Certificate of redemption - issuance 38‑38‑403
Certificates assignable 38‑38‑405
Certificate as prima facie evidence 38‑38‑501
Title vests upon expiration of redemption periods - confirmation deed 38‑38‑502
Form of confirmation deed for public trustee’s sale 38‑38‑503
Form of confirmation deed for sheriff’s sale 38‑38‑504
Deed evidence of compliance 38‑38‑505
Effect of foreclosures as to certain classes of persons 38‑38‑506
Omitted parties - definitions 38‑38‑601
Receiver appointed upon application 38‑38‑602
Appointment of receiver to prevent waste 38‑38‑701
Application - use of term “foreclosure” 38‑38‑702
Limitation of officer’s liability 38‑38‑703
No waiver of or agreement to shorten right to cure 38‑38‑704
Providing information to homeowner and public 38‑38‑705
Curative provisions
Green check means up to date. Up to date

Current through Fall 2024

§ 38-38-106’s source at colorado​.gov