Colorado Revised Statutes

Colo. Rev. Stat. § 38-38-106 (2026)

Bid required - form of bid

✓ current as of July 2026

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(1) (a) The holder of the evidence of debt or the attorney for the holder shall submit a bid setting forth the holder's initial bid for the property that is received by the officer no later than 12 noon on the second business day prior to the date of sale as provided in this section. In addition, if the sale will be conducted electronically, the holder may also include a maximum bid for the property. The holder or the attorney for the holder need not personally attend the sale. If the sale will be conducted electronically and the holder has elected to include a maximum bid, the bid shall be increased electronically in increments incorporated in the electronic program used by the officer to conduct the electronic sale up to such maximum bid if one or more third parties submit competing bids for the property.

(b) If the bid is not received by the officer by the deadline, the officer shall continue the sale for one week and shall announce or post a notice of the continuance at the time and place designated for the sale.

(2) The holder of the evidence of debt shall submit a signed and acknowledged bid, or the attorney for the holder shall submit a signed bid, which must specify the following amounts, itemized in substantially the following categories and in substantially the following form:

BID To: Public Trustee (or Sheriff) of the County (or City and County) of , State of Colorado (hereinafter the "officer"). Date: , whose mailing address is , bids the sum of $ in your Sale No. to be held on the day of , 20 . The following is an itemization of all amounts due the holder of the evidence of debt secured by the deed of trust or other lien being foreclosed.

Street address of property being foreclosed, if known: __________ Regular [ ] / default [ ] rate of interest as of the date of sale: __________ (Inapplicable items may be omitted):

Amounts due under the evidence of debt:

Principal $ __________ Interest __________ Late charges __________ Allowable prepayment penalties or premiums __________ Other amounts due under the evidence of debt (specify) __________ __________ __________ __________ __________ Category subtotal: $ __________ Other fees and costs advanced by the holder of evidence of debt:

Property, general liability, and casualty insurance __________ Property inspections __________ Appraisals __________ Taxes and assessments __________ Utility charges owed or incurred __________ Owner association assessment paid __________ Permitted amounts paid on prior liens __________ Permitted lease payments __________ Less impound/escrow account credit __________ Plus impound/escrow account deficiency __________ Other (describe) __________ Category subtotal: $ __________ Attorney fees and advances:

Attorney fees __________ Title commitments and insurances or abstractor charges __________ Court docketing __________ Statutory notice __________ Postage __________ Electronic transmissions __________ Photocopies __________ Telephone __________ Other (describe) __________ Category subtotal: $ __________ Officer fees and costs:

Officer statutory fee __________ Publication charges __________ Certificate of purchase recording fee __________ Confirmation deed fee __________ Confirmation deed recording fee __________ Other (describe) __________ Category subtotal: $ __________ Total due holder of the evidence of debt __________ Initial Bid $ __________ Deficiency $ __________ I enclose herewith the following: 1. Order authorizing sale. 2. Check (if applicable) to your order in the sum of $_____ covering the balance of your fees and costs. 3. Other: . Please send us the following: 1. Promissory note with the deficiency, if any, noted thereon 2. Refund for overpayment of officer's fees and costs, if any 3. Other: . Name of the holder of the evidence of debt and the attorney for the holder: Holder: Attorney: By: Attorney registration number: Attorney address: Attorney business telephone:

(3) Upon receipt of the initial bid from the holder of the evidence of debt or the attorney for the holder, the officer shall make such information available to the general public.

(4) The officer shall enter the bid by reading the bid amount set forth on the bid and the name of the person that submitted the bid or by posting or providing such bid information at the time and place designated for sale.

(5) Bids submitted pursuant to this section may be amended by the holder of the evidence of debt or the attorney for the holder in writing or electronically, as determined by the officer pursuant to section 38-38-112, no later than 12 noon the day prior to the sale, or orally at the time of sale if the person amending the bid is physically present at the sale or electronically during the sale if the sale is conducted by means of the internet or another electronic medium. A bid submitted pursuant to this section may be modified orally at the time of sale if the person making the modification modifies and reexecutes the bid at the sale.

(6) The holder of the evidence of debt or the attorney for the holder shall bid at least the holder's good faith estimate of the fair market value of the property being sold, less the amount of unpaid real property taxes and all amounts secured by liens against the property being sold that are senior to the deed of trust or other lien being foreclosed and less the estimated reasonable costs and expenses of holding, marketing, and selling the property, net of income received; except that the holder or the attorney for the holder need not bid more than the total amount due to the holder as specified in the bid pursuant to subsection (2) of this section. The failure of the holder to bid the amount required by this subsection (6) shall not affect the validity of the sale but may be raised as a defense by any person sued on a deficiency.

(7) (a) (I) Other than a bid by the holder of the evidence of debt not exceeding the total amount due shown on the bid pursuant to subsection (2) of this section, the payment of any bid amount at sale must be received by the officer no later than the date and time of the sale, or at an alternative time after the sale and on the day of the sale, as specified in writing by the officer. The payment must be in the form specified in section 38-37-108. If the officer has not received full payment of the bid amount from the highest bidder at the sale pursuant to this subsection (7), the next highest bidder who has timely tendered the full amount of the bid under this subsection

(7) is deemed the successful bidder at the sale.

(II) If the holder of the evidence of debt is the highest bidder with a bid that exceeds the total amount due shown on the bid pursuant to subsection (2) of this section, the holder of the evidence of debt is only required to pay the excess of the amount bid over the amount due the holder of the evidence of debt, as shown on the bid submitted pursuant to subsection (2) of this section.

(b) The officer may establish written policies relating to all aspects of the foreclosure sale that are consistent with the provisions of this article. The written policies shall be made available to the general public.

Source: L. 90: Entire article R&RE, p. 1658, § 2, effective October 1. L. 91: (1) and (2) amended, p. 1922, § 54, effective June 1. L. 2002: (2) amended, p. 1339, § 9, effective July 1. L. 2006: Entire section R&RE, p. 1452, § 12, effective January 1, 2008. L. 2007: (5) amended, p. 1834, § 10, effective January 1, 2008. L. 2009: (2) and (7) amended, (HB 09-1207), ch. 164, p. 712, § 9, effective September 1. L. 2012: (1) and (2) amended, (SB 12-030), ch. 96, p. 318, § 8, effective September 1. L. 2015: (1), (2), and (5) amended, (HB 15-1142), ch. 113, p. 339, § 4, effective September 1. L. 2018: (2) and (7)(a) amended, (HB 18-1254), ch. 138, p. 903, § 4, effective August 8.

Editor's note: (1) This section is similar to former § 38-37-142, as it existed prior to 1990.

(2) The effective date for amendments made to this section by chapter 305, Session Laws of Colorado 2006, was changed from July 1, 2007, to January 1, 2008, by section 27 of chapter 404, Session Laws of Colorado 2007. (See L. 2007, p. 1849.)

Notes of Decisions

Cited in 16 cases, 1977–2014 · leading case: Kern v. Gebhardt, 746 P.2d 1340 (Colo. 1987).

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Kern v. Gebhardt, 746 P.2d 1340 (Colo. 1987). · cites it 56× “The question in this case is whether the ten percent limitation on attorney fees in section 38-38-106, 16A C.R.S. (1982), applies to a proceeding to foreclose a deed of trust as to the entire indebtedness pursuant to a provision in the deed of trust granting the holder of the…”

Armed Forces Bank, N.A. v. Hicks, 365 P.3d 378 (Colo. Ct. App. 2014). · cites it 12× “T13 Following the sale, the Hickses supplemented their opposition to the summary judgment motion, arguing that in violation of section 38-38-106(6), C.R.8.2013, the bank bid less than its good faith estimate of the property's fair market value at the foreclosure.”

Wells Fargo Realty Advisors Funding, Inc. v. Uioli, Inc., 872 P.2d 1359 (Colo. Ct. App. 1994). · cites it 2× “It placed defendant borrowers in the position they would have been in but for lender’s breach of the covenant of good faith and fair dealing under the contract.”

Top Rail Ranch Estates, LLC v. Walker, 327 P.3d 321 (Colo. Ct. App. 2014). · cites it 3× “24 On appeal, as in the trial court, Top Rail and Jenkins cite only to section 38-38-106, C.R.S.2013, and Nat'l Canada Corp.”

Bank of Am. v. Kosovich, 878 P.2d 65 (Colo. Ct. App. 1994). · cites it 5× “Although the Kosoviches admitted executing the note and deed, they denied liability for the note’s deficiency balance asserting that the Bank’s bid, being grossly less than the property’s fair market value, was not made in good faith as required by § 38-38-106, C.R.S. (1993…”

Nancy & Stjepan Sostaric v. Sally Marshall, 766 S.E.2d 396 (W. Va. 2014). “§§ 580a ("fair market value" as of date of sale in power of sale foreclosure), 726(b) ("fair value” as of sale date in judicial foreclosure); Colo.Rev.Stat. Ann. § 38-38-106 ("fair market value”); Conn.”

San Miguel Basin State Bank v. Oliver, 748 P.2d 1342 (Colo. Ct. App. 1987). · cites it 5× “He also argues that § 38-38-106, C.R.S. (1982 Repl. Vol. 16A), which limits the recovery of attorney fees in foreclosure proceedings to 10 percent of the sum for which the property is foreclosed, applies.”

First Bank v. Fischer & Frichtel, Inc., 364 S.W.3d 216 (Mo. 2012). “30 (West 2012); Ned.Rev Stat. § 76-1013 (West 2012); Nbv.”

Jacobs Investments v. PRD Holdings, Ltd., 612 P.2d 1149 (Colo. Ct. App. 1980). · cites it 18× “Defendant urges that § 38-38-106, C.R.S. 1973, precludes the commencement of more than one foreclosure action within a twelve month period.”

Firstier Bank v. Fed. Deposit Ins., 935 F. Supp. 2d 1109 (D. Colo. 2013). · cites it 2× “) Pursuant to Colorado statute, a bid in a foreclosure sale must be in the form specified in C.”

Rowe v. Tucker, 560 P.2d 843 (Colo. Ct. App. 1977). · cites it 2× “Such a limitation is mandated by § 38-38-106, C.R.S. 1973, and appellant has cited no authority to the contrary.”

Bakers Park Mining & Milling Co. v. Dist. Court ex rel. City & Cnty. of Denver, 662 P.2d 483 (Colo. 1983). · cites it 3× “Section 38-38-106, C.R.S.1973 (1982 Repl.”

Show all 16 citing cases →

— Colo. Rev. Stat. § 38-38-106(1) — 1 case

First Nat'l Bank of Se. Denver v. Blanding, 885 P.2d 324 (Colo. Ct. App. 1994).

— Colo. Rev. Stat. § 38-38-106(6) — 2 cases

Armed Forces Bank, N.A. v. Hicks, 365 P.3d 378 (Colo. Ct. App. 2014). “T13 Following the sale, the Hickses supplemented their opposition to the summary judgment motion, arguing that in violation of section 38-38-106(6), C.R.8.2013, the bank bid less than its good faith estimate of the property's fair market value at the foreclosure.”

First Bank v. Fischer & Frichtel, Inc., 364 S.W.3d 216 (Mo. 2012). “30 (West 2012); Ned.Rev Stat. § 76-1013 (West 2012); Nbv.”

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