Foreclosure Bidding Process Now Online for Denver

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.

Ken Blevins

About Ken Blevins

Ken Blevins, CEO of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 24 years of experience in collections, foreclosure/bankruptcy, loss mitigation and real estate disposition (REO). Blevins was an original co-founder of Metrowest in 2003, a Real Estate Brokerage and Services Company focused on the resale, recovery and liquidation of distressed real estate in Denver, Colorado and surrounding metros. Blevins assumed the role of CEO in January 2014 and provides strategic direction and has management accountability for the day-to-day operations. Under his direction, Blevins drives all default management operations to maximize asset value recovery and reduce loss severity through a strategy focused on customer service and state of the art technology. Blevins has 18 years of direct operational experience in all facets of REO Asset Management having managed large national REO Disposition contracts for Fannie Mae, Freddie Mac, Wells Fargo, JP Morgan Chase, CitiFinancial, GMAC Mortgage and other various financial institutions. Blevins specialties include REO asset management, real estate investment, bulk REO acquisitions and distressed asset recovery and liquidation, and he has directed the resolution and liquidation of over ten billion in institutionally-owned residential real estate.

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