OFFICE OF THE SUMMIT COUNTY PUBLIC TRUSTEE

Summit County Foreclosure Sale Day Policy

1. Sales are held on Fridays at 10:00am via remote, web-based auction service, and sell to the highest and best bidder.

2. Prior to auction, bidders must deposit at least 10 percent of their anticipated high bid with the Public Trustee's Office. For example, a deposit of $10,000 will allow you to participate up to $100,000 when bidding. A 10 percent deposit is required for each property on which a bidder wants to bid and must be made by wire transfer only. In order for funds to be available for the auction, wires must be received by 5:00 p.m. (Mountain Time), the day before the auction. All funds must be drawn from a US Financial institution and no foreign currency is accepted by the Public Trustee.

3. Anyone may bid on the properties by registering here at least one business day before the auction

4. Lenders must submit their bid no later than Wednesday at noon prior to the date of sale. Lenders may submit written or electronic amendments to their bids until Thursday at noon.

5. A lender may amend a sale bid after Thursday at noon only by sending someone to in person. Such amendments are announced at the start of the auction.

6. Details of the pre-sale list are available on our website by 5:00pm Wednesday.

7. A minimum bid increment will be announced at the time of the sale.

8. Bidding will be conducted auction style. When the bidding stops, the highest bidder wins.

9. Wire information is available upon request. Fulfilling total payment must be provided to the Public Trustee at the conclusion of the auctions held that day.

10. The minimum bid is provided by the bank the Wednesday before foreclosure sale and will be posted on the websites main page.

11. We do not accept ACH, bank verification, checks or cash.

12. Full payment must be provided to the Public Trustee at the conclusion of all auctions held that day.

13. Sales are not final until after funds have been verified and the Public Trustee has issued a receipt.

14. Unsuccessful bidders are advised at the end of all auctions held that day to wait until after funds have been verified before leaving; unsuccessful bidders will not be contacted to return if the previous successful bidder funds are not verified.

15. If funds are insufficient, the next highest present bidder will be considered the high bidder.

16. All transactions are considered separate and funds from one cannot be applied toward the purchase of another property.

FUNDING OPTIONS

 Wire Transfer

REFUNDS

 If the winning bidder provides more money than the amount of the final winning bid, a refund will be issued within 4 business days of the conclusion of the sale. Alternatively, the winning bidder may request that the refund check be mailed.

 Refunds will be issued to the party identified as the remitter on a certified check.

 No third-party endorsed checks are accepted.

 Unsuccessful wire bids will be rejected and returned to the issuing bank.

THE LIENS BEING FORECLOSED MAY NOT BE A FIRST LIEN – YOU ARE EXPECTED TO EXERCISE DUE DILIGENCE BY RESEARCHING ANY LIENS ON THE PROPERTY PRIOR TO BIDDING AT THE SALE. THE PUBLIC TRUSTEE DOES NOT KNOW THE POSITION OF THE LIEN BEING FORECLOSED. IF YOU ARE THE SUCCESSFUL BIDDER ON A FORECLOSURE, TITLE DOES NOT VEST INTO YOUR NAME UNTIL EIGHT BUSINESS DAYS AFTER THE SALE, OR IF LIENOR INTENTS TO REDEEM ARE FILED AT THE END OF ALL REDEMPTION PERIODS. YOU DO NOT HAVE A RIGHT TO ENTER THE PROPERTY IF IT IS OCCUPIED WITHOUT FIRST GOING THROUGH THE LEGAL PROCESS TO EVICT.

Overbids

If an overbid has occurred at the sale, you may be eligible for overbid funds after all redemption periods have expired. Overbid funds are disbursed as follows:

• To the foreclosing lender to the extent of any deficiency bid.
• Next to junior lien holders whose lien was of record when the Notice of Election and Demand was recorded, who filed a Notice of Intent to Redeem and whose lien has not yet been redeemed.
• Finally, to the property owner as of the recording of the Notice of Election and Demand.

Note: A lien holder who accepts a short redemption before the end of all applicable redemption periods shall not be entitled to any excess proceeds. Unclaimed excess proceeds will be held for five years before being turned over to the Great Colorado Payback