RSS

Four homes sell to investors at foreclosure auction

Fri, Sep 9, 2011

News

Investors bought four of the 45 homes that sold at the El Paso County Public Trustee’s foreclosure auction Wednesday.

The other 44 homes were purchased by the banks that were owed on the loans.

Absolute Investments purchased a home at 6381 Tenderfoot Drive (80906) for $236,050, just $50 over the initial bid made by lender Bank of New York Mellon. The 3,200-square-foot home built in 2006 was recently listed on the Multiple Listing Service with an asking price of $316,400.

Owner Jerilyn Mcilquham purchased the home in 2006 with a conventional loan in the amount of $262,000 at 6.37 percent interest, according to trustee records. Absolute’s purchase price left a loan deficiency of $59,312.04.

Windflower LLC purchased another of the foreclosed homes at 511 Cheyenne Road (80906) for $67,550. That was just $50 over the initial bid made by lender US Bank National Association. Lucinda Linder purchased the 543-square-foot ranch home built in 1924 for $136,000 in May of 2006. She financed $105,000 with a conventional mortgage at 8.5 percent.

The home was recently on the Multiple Listing Service with an asking price of $93,000. Windflower’s purchase price left a $58,211.35 deficiency on the bank’s books.

KJM Casa Management LLC purchased a house at 3690 Darkwood Place (80910) for $89,950, not much more than lender Wells Fargo’s initial bid of $89,893.

Tram Phu bought the 1,666-square-foot bi-level house built in 1971 for $152,000 in 2005, according to El Paso County Assessor’s records. He borrowed $155,268 with a VA loan at 5.88 percent. It was recently on the local MLS with an asking price of $129,600. KJM’s purchase price left a $64,842.83 deficiency on the bank’s books.

Xuejun Gao purchased a home at 14438 Peaceful Glen Grove (80921) for $176,500 in Wednesday’s foreclosure auction. That was up from lender Sovereign Bank’s initial bid of $174,900.

James and Elizabeth Johnson paid $252,300 for the 2,700-square foot townhome built in 2002 for $252,300. They later financed $212,000 with a conventional mortgage at a 5.5 percent interest rate in 2005. It was recently featured on the Multiple Listing Service with an asking price of $225,000.

Gao’s purchase price left a $35,023.61 deficiency on the bank’s books. The home was the only one of the four that sold to investors that had more than one bidder.

, , ,

Comments are closed.