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Investors buy 2 foreclosures at auction

Thu, Jan 12, 2012

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Investors bought two of the 39 properties that sold in the El Paso County Public Trustee’s foreclosure auction on Wednesday.

Charles Waldron paid $136,000 for a 2,000-square foot bi-level home built in 1973 at 1154 Tulip Place (80907). The bid was well over Wells Fargo Bank’s initial bid of $108,627.84. The previous owner, Douglas Croastan, borrowed $134,100 on the home in 2003. The El Paso County Assessor lists the market value of the house at $179,248.

Buyer’s Equity paid $84,150 for a home at 435 Avenida Del Cielo in Fountain. The 1,972-square foot bi-level home built in 1972 is valued at $145,760 on the El Paso County Assessor’s records. Buyer’s Equity paid well over Deutch Bank’s initial bid of $81,000. Previous owner, Bryan Terhune, paid $147,000 for the property when he bought it in March of 2006, according to assessor’s records.

The 37 properties that third-party investors did not buy, were sold back to the lenders.

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