2023 Colorado Revised Statutes › Title 38 - PROPERTY - REAL AND PERSONAL (§§ 38-1-101 — 38-53-110) › REAL PROPERTY (§§ 38-30-101 — 38-46-104) › MORTGAGES AND TRUST DEEDS (§§ 38-37-100.5 — 38-40-106) › Article 38 - FORECLOSURE SALES (§§ 38-38-100.3 — 38-38-901) › Part 1 - FORECLOSURE SALE (§§ 38-38-100.3 — 38-38-114) › Section 38-38-106 - Bid required - form of bid

(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.
Amended by 2018 Ch. 138, § 4, eff. 8/8/2018.
Amended by 2015 Ch. 113, § 4, eff. 9/1/2015.
L. 90: Entire article R&RE, p. 1658, § 2, effective October 1. L. 91: (1) and (2) amended, p. 1922, § 54, effective June 1. L. 2002: (2) amended, p. 1339, § 9, effective July 1. L. 2006: Entire section R&RE, p. 1452, § 12, effective 1/1/2008. L. 2007: (5) amended, p. 1834, § 10, effective 1/1/2008. L. 2009: (2) and (7) amended, (HB 09 -1207), ch. 164, p. 712, § 9, effective September 1. L. 2012: (1) and (2) amended, (SB 12-030), ch. 96, p. 318, § 8, effective September 1. L. 2015: (1), (2), and (5) amended, (HB 15-1142), ch. 113, p. 339, § 4, effective September 1. L. 2018: (2) and (7)(a) amended, (HB 18-1254), ch. 138, p. 903, § 4, effective August 8.
(1) This section is similar to former § 38-37-142, as it existed prior to 1990.
(2) The effective date for amendments made to this section by chapter 305, Session Laws of Colorado 2006, was changed from July 1, 2007, to January 1, 2008, by section 27 of chapter 404, Session Laws of Colorado 2007. (See L. 2007, p. 1849.)