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Investors buy 5 properties at foreclosure auction

Thu, May 10, 2012

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Investors bought five of the 34 properties that sold in the El Paso County Public Trustee’s foreclosure auction May 9. The others sold back to the lenders.

Necessity Homes paid $56,453.20 for a 1,177-square-foot condominium built in 2001 at 364 Ellers Grove (80916). That was just $50 over lender Bank of America’s initial bid. John Shields borrowed $126,050 on the property in August of 2003. The El Paso County Assessor estimates the market value of the condo at $110,312.

Blue Ocean Systems paid $133,050 for a four-plex built in 1984 at 1027 Mazatlan Cir. (80910). That was just $50 over lender JPMorgan Chase Bank’s initial bid. John and Georgette Varga borrowed $183,400 on the property in July of 2006. The El Paso County Assessor estimates the market value of the property at $183,750.

All In Investments paid $315,010 for a 2,955-square-foot two-story home built in 2004 at 3318 Promontory Peak Dr. (80920). That was just $50 over lender JPMorgan Chase Bank’s initial bid. Dinesh and Jaya Mehra borrowed $408,200 on the home in July of 2007. The El Paso County Assessor estimates the current market value of the property at $421,036.

The Buy-Out Company paid $161,000 for a 1,302-square-foot ranch home built in 2001 at 12518 Catch Pen Rd. (Peyton, 80831). That was well over lender PNC Bank’s initial bid of $148,059. Christopher and Jennifer Favazzo borrowed $245,160 on the home in June of 2006. The El Paso County Assessor estimates the market value of the home is $208,546.

Douglas Sall paid $89,000 for a 3,421-square-foot two-story home built in 1972 at 746 E. Uintah St. (80903). That was slightly over lender GMAC Mortgage’s initial bid of $87,161.36. According to the El Paso County Assessor’s records, the Sall Living Trust bought the property in 2000. But Ernie and Marcella Gallegos borrowed $89,000 on the property in May of 2004. The El Paso County Assessor estimates the market value of the home at $285,498.

 

 

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