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Investors buy 4 properties at foreclosure auction

Thu, Jun 14, 2012

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Investors bought four of the 30 properties that sold in the El Paso County Public Trustee’s foreclosure auction Wednesday. The others sold to the lenders.

Cornerstone Investment Partners paid $285,000 for a 2,438-square foot two-story home built in 2005 at 3174 Summer Rain Trail (80908). That was slightly over lender GMAC Mortgage’s initial bid of $281,134.70. Melinda and John O’Donnell borrowed $357,280 on the property in October 2005. The El Paso County Assessor estimates the market value of the property at $375,545.

Ho Investments paid $64,800 for a 918-square-foot ranch home built in 1968 at 2447 Sonoma Dr. (80910). That was about $5,000 more than lender Deutsche Bank’s initial bid of $59,250. Hermina and Carmen Marquez borrowed $113,000 on the property in July 2005. The El Paso County Assessor estimates its value at $119,060.

All In Investments paid $151,500 for a 1,844-square-foot two-story home built in 1978 at 6020 Snowbird Dr. (80918). That was well over lender HSBC Bank’s initial bid of $141,400. Veronica Garcia borrowed $180,400 for the property in August 2005. The El Paso County Assessor estimates the market value of the property at $184,319.

Rocky Mountain Metropolitan paid $74,500 for a 788-square-foot tri-level home built in 1983 at 6898 Noble St. (80915). That was almost 25 percent more than lender CitiMortgage’s bid of $50,057.38. Kenneth Key borrowed $118,245 on the property in November 2005. The El Paso County Assessor estimates the value of the property at $122,494.

 

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