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Investors buy 3 properties in foreclosure auction

Thu, May 31, 2012

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Investors bought three of the 26 properties that sold in the El Paso County Public Trustee’s foreclosure auction Wednesday. The others were sold back to the lenders.

Sparrow Inc. paid $70,000 for an 816-square-foot ranch home built in 1951 at 8170 Chipita Park Road in Cascade. That was significantly more than lender US Bank’s initial bid of $55,250. Blake Allen borrowed $139,920 on the property in April of 2005. The El Paso County Assessor estimates the market value of the home at $153,702.

Roger Barrack paid $214,396 for property in the spear subdivision of the Peaceful Valley. That was just $50 more than lender First-Citizen’s Bank & Trust’s initial bid. Spencer Katalin borrowed $670,000 on the property in August of 2007. Other information about the property was limited in the public records.

AMC Properties paid $186,600 for a 2,273-square-foot home built in 2005 at 7256 Wilthers Place (80922). That was about $18,000 more than lender GMAC Mortgage’s initial bid of $168,328.30. Robert and Tangean Christian borrowed $288,366 on the property in July of 2010. The El Paso County Assessor estimates the market value of the property at $248,140.

 

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