Bidding Rules

 

Pitkin County Colorado

Bidding Rules for Annual Public Auction of Delinquent Real Estate Taxes

2020 Tax Lien Sale (For Tax Year 2019 and priors)

 

SUMMARY OF IMPORTANT INFORMATION

 

THE INTEREST RATE FOR TAX LIEN SALE CERTIFICATES SOLD IN 2020 is 9%.

  • If you taking part in the sale you cannot be a County employee, their spouse or family member nor can you be an agent for them per C.R.S. 39-11-151.
  • The tax lien parcel list is created to the best of our knowledge. If the parcel is later discovered as a “wrongfully sold tax lien” the Tax Lien Certificates of Purchase sold would only earn 8% per annum.
  • Those investing in tax liens do so at their own risk and are advised to exercise due diligence in carefully analyzing which tax liens to bid on. There are no guarantees expressed or implied regarding whether a tax lien will prove to be a profitable investment.
  • The property information accessible on the bid pages was obtained from the Assessor’s office and is for reference only ( please note that this property information, provided by the assessor’s office, represents the most current assessment year, not the tax year associated with this tax lien sale, as taxes are paid one year in arrears).  It is the buyer’s responsibility to research auction items thoroughly prior to placing bids.
  • Sequence of Sale will be done as followed:
  1. Delinquent taxes will be done with premium bidding; bid increments shall be one dollar ($1.00). Premium bids are not refundable and do not earn interest.
  2. Minimum bids are equal to the amount of the unpaid taxes, interest, penalties, and fees.
  3. Preliminary bidding for tax liens begin on Friday, October 16th, 2020. The tax sale auction will conclude on Thursday, November 12th, 2020 at 12:00 PM MST and all bids must be submitted by that time.  Once the batch closes, the bids become final and may not be changed or withdrawn.
  • All investors are required to submit a deposit via ACH equal to or more than 10% of their total anticipated winning bids by Thursday, November 5th, 2020 at 2:00 PM MST.
  • All payments must be made via ACH by Friday, November 13th, 2020, 2:00 PM MST. If you are unable to render the funds within the timeframe, your properties will be available for sale to the first interested party. This would be considered forfeiting your bid which will result in a five year period where neither you nor an agent for you may take part in our County tax lien sale.
  • All bidders are required to complete the online registration which includes name that will go on the certificates, address and Social Security number or Tax Id. Bidders are responsible to assure that their information is correct as IRS W-9 forms, tax lien certificates, refunds and redemptions are prepared from this information.

 

SUMMARY OF IMPORTANT DATES AND INFORMATION

 

  Bidder Accounts  
  Allow foreign bidder registrations     No
  Single simultaneous bidder rule     No
 
  Auction Information  
  Bidding style     Proxy Bid Auction
  0 value bids use proxy system     No
 
  SubAccounts  
  Allow sub-accounts     No
  Automatic certificate rollup / rollup fee   --- ---
 
  Auction Dates and Times  
  Registration begins (site opens)**     10/16/2020 at 8:00 AM MT  
  Deposits, Registration fees and Budgets begin     10/16/2020 at 8:00 AM MT  
  Bidding begins     10/16/2020 at 8:00 AM MT  
 
  Deposits, Registration fees and Budgets end       11/05/2020 at 2:00 PM MT   
  Participation Requirements  

  Submit a deposit  

  Participation Requirements Due Date     11/05/2020 at 2:00 PM MT   
  Registrations end     11/05/2020 at 2:00 PM MT   
   
  First batch closes     11/12/2020 at 11:00 AM MT   
  Batch closing interval     60 Minutes
  Last batch closes     11/12/2020 at 12:00 PM MT  
   
  Auxiliary batch opens     11/12/2020 at 1:00 PM MT  
  Auxiliary batch closes     11/12/2020 at 4:00 PM MT  
   
  Payment due date     11/13/2020 at 2:00 PM MT   
 
  Budget, Deposit and Payment Information    
  Deposit or Budget required (% of estimated winnings)     10%
  Minimum deposit amount     $0.00
  Registration Fee     $0.00
  Registration Fee Refundable      No
  Registration Fee Applied to Winnings      No
   
  Deposit / Payment types acceptable:   Deposits Payments
      Budget    No ---
      ACH    Yes Yes
      ACH auto-debit final payment    --- No
      Wire transfers   No No
      Counter payments   No No
 
  Redemptions available via ACH?   No
 
  Public Access  
  Public computers available   Pitkin County Library
 
  ** Subject to change. The site will open when approved by the County.  

 

For an explanation of any of the terms above, please visit the FAQs.
 
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