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Investors buy 5 properties at foreclosure auction

Fri, Mar 2, 2012

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Investors bought five of the 41 properties that sold in the El Paso County Public Trustee’s foreclosure auction on Wednesday, Feb. 29. The rest sold back to the lenders.

IDP Capital LLC paid $165,500 for a 1,656-square foot two-story home built in 1998 at 6690 Bear Tooth Dr. (80918). That was well over lender Wells Fargo Bank’s initial bid of $152,323.58. Michael and Alisha Miller borrowed $157,800 on the home in May of 2005. The El Paso County Assessor estimates the market value of the house at $215,157.

DKJ Investments LLC paid $98,500 for a 1,520-square foot townhome built in 2004 at 2161 Gilpin Ave. (80910). That was well over lender Wells Fargo Bank’s initial bid of $83,724. Miranda Schaefer borrowed $161,570.59 on the property in May of 2005. The El Paso County Public Trustee estimates the market value of the property at $137,877.

DJK also paid $112,350 for a 1,344-square foot ranch home built in 1956 at 9885 Fountain Rd. (Cascade, 80809). That was just $50 over lender Citi Mortgage’s initial bid of $112,300. Robert Schickler borrowed $161,000 on the home in January of 2007. The El Paso County Assessor estimates the value of the property at $175,406.

The Buy-Out Company LLLP paid $78,000 for a 988-square foot split-level home built in 1964 at 1507 Fountain St. (80910). That was slightly over lender Generation Mortgage Company’s initial bid of $73,000. While Barbara Watts is listed as the property owner, Vernice Griggs is on record as taking a loan of $228,000 on the property in January of 2009. The outstanding principle balance in October was $129,720 and the bank declared a deficiency after the Buy-Out Company’s bid of 57,082.73. The El Paso County Assessor estimates the market value of the home at $112,073.

Access Financial Group LLC paid $109,527.77 for a 1,355-square foot ranch house built in 1954 at 706 Salano Dr. (80906). That was just $50 over lender The Bank of New York Mellon’s initial bid of $109,477.77. Patricia Schinkel borrowed $94,850 on the home in January of 2003. The El Paso County Assessor estimates the value of the home at $135,756.

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