Mortgage lenders in the state of Colorado can auction off properties to the public when the existing home owner defaults on the home mortgage loan. Colorado Springs has many of these foreclosure sales. These lenders must first post a public foreclosure notice in the Colorado Springs area. Those who wish to buy Colorado Springs foreclosures can then show up at auctions and place the highest bid to buy the foreclosed properties.
Find the public trustee in El Paso County to get foreclosure listings. Colorado is quite different than other states when it comes to foreclosure sales. Instead of hiring a trustee or using the sheriff for foreclosure auctions, each Colorado county has a public official called a “public trustee.” Because Colorado Springs is in El Paso County, that county’s public trustee will have Colorado Springs foreclosure listings and additional information and will also conduct the Colorado Springs foreclosure auctions.
Fortunately for foreclosure buyers in Colorado Springs and the rest of El Paso County, the public trustee has a dedicated website at ElPasoPublicTrustee.com.
When you get there, click on “Foreclosure Search.” You can then enter a date range in the search options to find all upcoming Colorado Springs foreclosures auctions. Leave all of the other fields blank to find all possible foreclosed homes in Colorado Springs and El Paso County.
Look at the foreclosure listings to find foreclosed properties. You will want to look at the amount due to narrow down your choices based on your buying budget. You can also get the address of each property so you can drive by and take a look at properties. When you do drive by a property, be forewarned that there is no right of inspection. The most you can do is see the outside condition, the condition of the neighborhood and talk to people in the area to get additional information.
You will also want to set a maximum bid on each foreclosed property in Colorado Springs. Having a maximum bid that is lower than the fair market value of the property is the basic method for trying to get Colorado Springs foreclosures at a cheap price.
Submit your deposit before the sale takes place. Contact the public trustee to get the forms necessary. Make sure you deposit your maximum bid. If you bid less than that and win an auction to buy a foreclosed home in Colorado Springs, then the public trustee will refund the remaining amount.
Show up at the Colorado Springs foreclosure auction. These auctions are held on Wednesdays at 10 in the morning, but you should arrive early to fill out a bidder’s form. Go to the second floor at 105 E. Vermijo Avenue in Colorado Springs to attend a public auction.
Participate in the auction and buy Colorado Springs foreclosed properties by placing the highest bid. Get with the public trustee’s staff to complete the foreclosure sale.
Obtain a Colorado property deed from the public trustee. You will then need to file the deed in the recording office in El Paso County to put the public on notice of your new ownership rights in the Colorado Springs foreclosure.
El Paso County (Colorado) Public Trustee