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Investors buy four properties at foreclosure

Thu, Mar 29, 2012

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Investors bought four of the 26 properties that sold at the El Paso County Public Trustee’s auction, March 28. All of them paid the minimum bid of $50 over the lender’s initial bid. The rest of the properties sold back to the lenders.

City Light Homes paid $124,205 for a 1,085-square-foot ranch house built in 1969 at 1034 Old Dutch Mill Rd. (80907). That was just $50 over lender Bank of America’s initial bid. Tammy McInnis borrowed $156,000 on the property in July of 2006. The El Paso County Assessor estimates the market value of the house at $163,237.

Another investor, 911 Rescue Homes paid $122,240 for which there are no El Paso County Assessor records at 3415 Talcott Terr. (80920). That was just $50 over lender Wells Fargo Bank’s initial bid. Mary Sample borrowed $137,600 on the property in May of 2005.

Blue Ocean Systems paid $153,050 for a four-plex built in 1984 at 1147 Mazatlan Cir. That was just $50 over lender JPMorgan Chase Bank’s initial bid. John Varga borrowed $197,000 on the property in June of 2006. The El Paso County Assessor estimates the value of the complex at $211,793.

Louis S. Plants paid $33,800 for a 858-square-foot condominium built in 1983 at 3644 Iguana Dr. (80910). That was just $50 over lender Ocwen Loan Servicing’s initial bid. Jeffrey Azzone borrowed $86,500 on the property in April of 2007. The El Paso County Assessor estimates the market value of the property at $74,533.

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