Free List of Foreclosures

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Breckenridge  80424

Frisco   80443

Keystone/Dillon   80435

Silverthorne   80498

Visit:  http://summitcountyforeclosures.247property.info/

As of 2011, there are 200+ properties listed for sale in Summit County and Breckenridge.  Here is the list of steps required in the foreclosure process:

1. Notice of Election & Demand for Sale:  This is the first step in the process of foreclosure when an owner is in default.  This starts the foreclosure timeline.  Possible outcomes are deferrment, cure, withdrawal, certificate of purchase, and finally Public Trustee's Deed. This is not a sale of the property it is a Notice of Action.

2. Certificate of Purchase:  The Public Trustee must offer the sale of the qualifying debt at a Public Auction.  The sale of the debt must ALWAYS be higher than the debt itself to protect the Lien holder, including fees and outstanding interest unless the lien holder has agreed in advance in writing that there will be unpaid debt to be settled in another fashion, and that they guarantee that amount will be paid. This is fore the NED debt only, there could be other debts/liens/fees/judgements against any given property, it is up to the bidder to research this aspect of their investment.  The certificate of purchase is the purchase of a lien only.  It is not the sale of the property, it is sale of the debt. 

3. Public Trustees Deed:  After the redemption period where all debts are settled and the property is cleared, the entity that has possession of the Certificate of PUrchase can THEN request a Public Trustee's Deed to transfer the title of the property to them by paying the applicable fees and providing the paperwork.  This can only happen if the property has not been redeemed, cured, deferred or withdrawn from the process and all debts including judgements/liens & other fees have been settled.  It is not a market sale of the property, but it does transfer property rights to the Certificate of Purchase holder.

After the last step:  Once the Bank receives the Public Trustee's Deed, they are the legal owners and now free to RE-Sell the property via Warranty Deed.

As you can see, buying a property at auction requires much due diligence and caution.   I highly recommend that you do not do this on your own and contact a knowledgeable Realtor or attorney to proceed.