Question for anyone with knowledge of how foreclosures work in Colorado. It seems that the note holder bought the property here for more than the total debt. I.e 1.7 million was owed and it went for 2. If he was the only bidder, why would he have bid so high? Could he have bid 1 dollar and held the debtor liable for the deficiency? If he could have, and decided not to, this could add to the feeling of "inside politics" among the members. I think everyone understands that an nvestment can go badly, but people don't want to feel like it was insider trading.
Of course if the local laws dictate the minimum bid at foreclosure, this is meaningless.