Web auction of foreclosed home ends on Valentine’s Day
February 7, 2010
Steamboat Springs — The 2,500-square-foot home on Comanche Road in Stagecoach was listed for sale at $565,000 in early 2009, and the price was slashed to $289,900 at midyear, but bargain hunters can get in on the online bidding this month for $130,000.
Just don't expect to get the house looking out on a meadow for that price.
"There's a reserve price, and bidders won't know what it is until someone reaches it," Realtor Cindy MacGray said. "The reserve is blind."
MacGray, with Prudential Steamboat Realty in Steamboat Springs, has developed a specialty in short sales and foreclosures, though her listings are much broader than that. She says the eBay-style online bidding process at realtybid.com represents a first for the Steamboat market as far as she knows.
The auction began at 6 p.m. Monday and continues until 6 p.m. Feb. 14.
MacGray said two people have looked at the home recently, but as of midday Thursday, no bids had been submitted. Prospective buyers must register at realtybid.com to bid, or they may have an agent bid on their behalf, MacGray said. Successive bids must be made in increments of $1,000.
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MacGray said an out-of-town bank is her client in the auction sale process. Its representatives have expressed urgency in getting the home at 22639 Comanche Road in the Morningside Subdivision off the bank's books.
MacGray declined to name the bank; however, records at the Routt County Courthouse reflect that the public trustee sold the property to Sutton Funding LLC at a trustee's sale. Sutton then sold the property to REO 1 LP.
A search of newspaper Internet sites indicates that Sutton has been active in the disposal of foreclosed properties across the country and on more than one occasion has turned them over to Protium.
The home was built in 2006 and appears to be in good condition based on interior photos at MacGray's Web page. It was built on a 0.41-acre lot and has three bedrooms and three full baths in a floor plan that includes a walkout level. There is an attached two-car garage. The gas furnace supplies radiant heat to the floors, but there also is a wood stove in the lower-level family room.
It has its own domestic water well and a sewage vault serviced by a nearby sanitation district.
MacGray is optimistic that the home would appeal to people interested in fishing and boating at nearby Stagecoach Reservoir, cycling and snowmobiling. It is about a 30-minute drive from Steamboat Ski Area, and county plowing of the roads ensures year-round access.
"It would be a great vacation home for people who like the outdoors," she said.
People who seriously are interested in the home should prepare their finances before bidding because the auction requires the ability to close the transactions soon after the successful bid is approved.
"Under the terms, cash buyers have to close within 40 days, and people borrowing to purchase have to close within 55 days," MacGray said.