Foreclosure in Colorado>Question Details

Jacdest, Home Owner in Colorado

What happens after the auction/ sale of your real property?

Asked by Jacdest, Colorado Sun Dec 4, 2011

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5
In Florida, in an individual or corporation purchases a home via foreclosure sale, 10 days later, they receive a certificate of title. At that time, they can start the eviction process if the homeowner is still at the property. Otherwise, if and only if the property is clearly vacant, they can make access and change the locks, etc. Most people will recommend you go through an eviction process anyway just to ensure you don't have any liability to deal with.

If the lender takes the home at the sale, it is a similar process except it usually takes a little bit longer since they have more than one property usualy that they foreclose on at any given moment. Sometimes, if there is a tenant with a lease, some lenders will honor the lease provided the leasee pays rent for the remainder of their lease contract.
1 vote Thank Flag Link Sun Dec 4, 2011
you are no longer the owner
0 votes Thank Flag Link Sat Dec 10, 2011
Jacdest,
I have been handling real estate auctions specifically for the last 6 years. Depending on which type of auction you are inquiring about will change the answers.
Are you inquiring about the court house (public trustee/foreclosure) auction, a bank owned asset property auction, private seller property auction, DEA/US Marshalls property auction or one of the ever poppong up online auction?
I'd be happy to speak to you further.
0 votes Thank Flag Link Tue Dec 6, 2011
its a public trustee sale @the district court in Hot Sulpher Srings, CO. How much of the 174,000 will I be responsible for? I had tried to sell it thru a real estate agent as a short sale and the prospective buyer offered 85,000 cash. Bank of the West said no, the price was too low. So now Im screwed and have exhausted all my afforts in trying to make a bad thing better. Any advice for me? and what to expect?
Flag Sat Jul 13, 2013
After the auction the court will need to approve the sale, any redemption periods will need to expire, then you will be asked to leave or evicted. The good news is you may get to stay in the home for some time to come, rent free, many lenders are not rushing to evict people.

Good Luck
Bob Patrick
Buy a home after foreclosure, short sale, deed-in-lieu-of or bankruptcy expert
Movin-On LLC
Helping families/people that have lost their homes get back into another in as little as 6 months
0 votes Thank Flag Link Mon Dec 5, 2011
If you are referring to the public trustee sale, in Colorado there is a redemption period for junior lien holders to file an intent to redeem. Theis gives them the right to pay off bidder also known as certificate of purchase holder. If a junior lien holder exercises that right and pays the certificate of purchase holder off they will take title to the property. The redemption period is 15 days after the sale date. After that date the title will transfer to the lender. At this point the ocupant of the property becomes a tenant of the property. It is the new owners responsibility to either work out a deal with the tenant for posession or the tenenat will be evicted. Please let me know if you have any questions.

Michael Le
Broker/Owner
303-356-8282
Web Reference: http://www.distinctrlty.com
0 votes Thank Flag Link Mon Dec 5, 2011
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