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Investors bought two of 45 homes in foreclosure auction

Thu, Sep 1, 2011

News

Investors bought two of the 45 properties that sold at Wednesday’s El Paso County Trustee’s foreclosure auction. The other 43 returned to the lenders.

A home at 5069 Nolte Drive North (80916) sold to A New Design Living for $95,050. That was slightly over lender Deutsche Bank National Trust Company’s initial bid of $93,750. The final purchase price left a loan deficiency of $52,918.75.

Former owner Jerry Martinez paid $94,000 for the property in 1997. But the 1,193-square-foot bi-level home was not constructed until 2009, according to the El Paso County Assessor’s records. The assessor values the home at $102,084.

The second home that sold at auction was a home at 15175 Thornbird Court (80921). It sold for just $50 more than the initial bid made by lender U.S. Bank National Corporation at $240,050. The sales amount left a $159,667.46 loan deficiency.

Karen and Ken Heldt originally purchased the 2,532-square-foot two-story home built in 1989 for $160,350 in 1989. The El Paso County Assessor lists the market value of the home at $284,237.

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