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Investors buy 6 properties at foreclosure sale

Thu, Aug 30, 2012

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Investors bought six of the 50 properties that sold at the El Paso County Public Trustee’s foreclosure auction on Wednesday, Aug. 29. The rest were sold back to the lenders.

Encore Real Estate paid $321,000 for a 2,679-square-foot ranch home built in 1980 at 3315 Clubview Terrace (80907). That was more than lender Wells Fargo’s initial bid of $259,959.24. Daniel Morris and Lauren Rice borrowed $271,720 on the property January 2003. The El Paso County Assessor estimates that the market value of the home is $406,072.

David and Phyllis Bodewin paid $161,000 for a 1,992-square-foot two-story home built in 1985 at 8545 Stratus Drive (80920). That was more than lender Wells Fargo’s initial bid of $153,346. Dennis and Tara Mallett borrowed $197,041 on the property in June 2005. The El Paso County Assessor estimates the market value of the home at $212,666.

Access Financial Group, LLC paid $75,050 for a 1,186-square-foot condominium built in 2004 at 4886 Rusty Nail Pt. (80916). That was $50 more than lender Wells Fargo’s initial bid. Luis Rangel borrowed $160,000 on the property in June 2006. The El Paso County Assessor estimates the market value of it is now $167,148.

E.N. Properties paid $55,000 for a 882-square-foot ranch home built in 1967 at 2620 Glenwood Drive (80906). That was more than lender U.S. Bank’s initial bid of $44,850.15. Pedro Rocha borrowed $100,000 on the property in November 2005. The El Paso County Assessor estimates the market value of the property at $99,912.

Field of Dreams Investments paid $91,000 for a 1,160-square-foot ranch home built in 1983 at 1065 Table Top Terrace (80904). That was more than lender Wells Fargo’s initial bid of $50,183.76. Pete Martinez borrowed $82,000 on the property in June 2003. The El Paso County Assessor estimates the market value of the home at $164,768.

Larry Vasterling paid $26,000 for lots five through seven of Mount View Heights refilling. That was more than lender Rocky Mountain Bank & Trust’s initial bid of $25,000. Frederick Fletemeyer borrowed $433,500 on the property in January 2010.

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