Bidding Rules

 

Pitkin County Colorado

Bidding Rules for Annual Public Auction of Delinquent Real Estate Taxes

2016 Tax Lien Sale (For Tax Year 2015 and priors)

 

SUMMARY OF IMPORTANT INFORMATION

 

THE INTEREST RATE FOR TAX LIEN SALE CERTIFICATES SOLD IN 2016 is 10%.

  • 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 14th, 2016. The tax sale auction will conclude on Thursday, November 10th, 2016 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  Once the batch closes, the bids become final and may not be changed or withdrawn.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 3rd, 2016 at 2:00 PM MST.
  • All payments must be made via ACH by Monday, November 14th, 2016, 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
  Allow sub-accounts No
 
  Auction Information
  Bidding style Proxy Bid Auction
  0% bids use proxy system No
  Premium Bid Increment $1.00
 
  Auction Dates and Times
  Registration begins (site opens)**   10/14/2016 at 8:00 AM MT  
  Deposits or budgets begin    10/14/2016 at 8:00 AM MT  
  Bidding begins    10/14/2016 at 8:00 AM MT
 
  Deposits or budgets end   11/03/2016 at 2:00 PM MT  
  Registrations end 11/03/2016 at 2:00 PM MT 
   
  First batch closes   11/10/2016 at 11:00 AM MT 
  Batch closing interval 60 Minutes
  Last batch closes (auction ends)   11/10/2016 at 12:00 PM MT  
   
  Payment due date   11/14/2016 at 2:00 PM MT  
 
  Budget, Deposit and Payment Information  
  Deposit required (% of estimated winnings)   10%
  Minimum deposit amount   $0.00
   
  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 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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