Bidding on Auctioned homes in Denver, CO

[Mosun Mah]

I live in Los Angeles and I have a real estate agent in Denver, CO who's bidding on foreclosed properties for me.  My bids are at most $60K.  I have him look if there are any liens on the properties that I bid on.  He says if I win a bid it's as simple as me wiring my money to the escrow company.  This all sounds very simple and, thus, makes me wary. Is there any advice YOU can give me that I'm blind too.  I'd like to avoid any pitfalls.  Thanks in Advance!

[Jon Holdman]

I don't know where you're bidding on these deals, but if you're buying them from the Denver county public trustee you're expected to hand over cash at the sale.  No wiring money to an escrow company.  Cashier's checks on the spot.  You bring a stack of checks with you in various amounts and get as close to the bid as you can, if you win.

There are no $60K properties here.  None.  If you're buying from the public trustee and buying something for $60K you're buying a second position (or lower) lien.

All foreclosures are handled by the public trustee.

http://www.denvergov.org/clerkandrecorder/DenverOf...

If you're serious about buying from the trustee, run a title search before bidding.  Lists  of properties to be auctioned are published on Tuesday afternoon.  The sale starts at 10:00 AM on Thursday.  So you have to find a title company who can do it quickly.