If you’re thinking of purchasing a foreclosure property in the Denver area, the process may have just gotten a bit easier. According to the Denver Post, Denver’s Public Trustee office has moved its weekly foreclosure auctions entirely online. The result is not only a cost savings, but the online auctions also make it easier for buyers to participate.
How does it work?
- Buyers register once
- Deposit funds via wire transfers
- Can set a maximum bid
- Participate from anywhere with internet access
- Bidders do not know their competition
According to the article, cost savings from moving document processing and the auction online are around $23,000 a year. Denver Clerk and Recorder Debra Johnson said that having more properties to offer online would make the state more attractive to out-of-state investors, which would help in creating surpluses that go back to borrowers.
The Post reported that last year, three-quarters of Denver foreclosure sales produced a surplus, generating $4.8 million for borrowers.
If you’re interested in checking out the online foreclosure auctions, they start at 10 a.m. on Thursdays on the Public Trustee website. A word of caution – these properties can move fast! If you’re interested in checking out foreclosure properties in the Denver area, give the pros at Metrowest a shout – we specialize in these types of sales and would love to help you start the process.