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Investors buy four properties at foreclosure auction

Fri, Feb 10, 2012

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Third-party investors bought four of the 28 properties that sold in the El Paso County Public Trustee’s foreclosure auction on Wednesday, Feb. 8.

Windflower, LLC bought a 666-square-foot ranch home built in 1954 at 605 Huron Rd. (80910) for $46,050. That was a $1,000 over lender Deutsche Bank National Trust’s initial bid of $45,052.20. Wayne and Constance Roberts borrowed $90,400 on the home in October of 2005. The El Paso County Assessor estimates the value of the home at $82,702.

Gene Melssen paid $238,001 for a 1,679-square-foot ranch home built in 2004 at 7093 Wood Lily Dr. (80923). That was just $50 over lender JPMorgan Chase Bank’s initial bid. Kenneth and Keita Melchi borrowed $305,768 on the property in July of 2009. The assessor estimates the market value of the home at $265,151.

Finite House Solutions purchased a 1,273-square-foot split-level home built in 1960 at 4035 Haven Ln. (80917) for $120,000. That’s almost twice lender Bank of America’s initial bid of $61,162.34. Gary and Sharon Adams borrowed $86,000 on the house in September of 2003. The assessor estimates the market value at $181,114.

Duane L. Carter bought a 1,320-square-foot townhome built in 1989 at 2521 Patriot Heights (80904) for $150,000. That was well over lender Beal Bank’s initial bid of $91,072.99. William Watson borrowed $93,000 on the home in January of 2003. The assessor estimates the market value at $175,322.

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1 Comments For This Post

  1. Rob Reinmuth Says:

    Yea I was there at the auction. I felt that they all over paid for those properties. But, it all depends on why they were buying them. I think one of them could be an owner occupant and another a rental. The lower 2 were for flips, but could be pretty skinny on the profits. The bottom line is that the investors keep things moving in the Colorado Springs real estate market, that is for sure.