Although countrywide foreclosure listings in the U.S. offer some of the cheapest residential properties in years, majority of investors and homebuyers are still wary of putting their money on real estate these days. This reluctance is evident in some foreclosure auctions failing to draw bidders, including the one held in Colorado.
The state has a vast supply of foreclosed properties, including Aurora home foreclosures. However, not a lot of buyers are keen to take advantage of the numerous cheap supplies. Recently, Bank of America's auction involving the Willits Town Center project failed to attract a single bidder.
It is not only owners of home foreclosures in Colorado that are having difficulties finding buyers, commercial properties and multi-purpose real estate projects are also failing to get sold in most areas of the state. The recently held auction sale was part of Bank of America's foreclosure proceeding against the owners of the town center, Willits Town Center Partners LLC.
With foreclosure house listings continuing to grow in the state, lenders find it even harder to unload properties from their books as investors stay away from most types of real estate, including large projects like Willits. According to local reports, Bank of America had to pay $10.5 million for several undeveloped properties of the Willits project after it failed to get a single bid.
Similar stories can be heard in relation to a number of countrywide foreclosure listings, with properties remaining in lenders' books while they look for buyers willing to take properties out of their hands. Since no bidder came forward for the Willits property, the ownership now belongs to Bank of America.
Along with a handful of undeveloped blocks, the bank is also now the owner of four condominiums and several commercial properties located at Market Street in Willits. Bank of America's purchase did not include block 2 of the project, which was originally planned as the site for a Whole Foods store.
According to local real estate reports, the Willits property was foreclosed on by Bank of America last April, with the aim of collecting a total debt of $36 million from a loan that is worth $56 million taken out by Willits Town Center Partners LLC back in 2007. But like most properties that ended in countrywide foreclosure listings, the borrowers failed to meet their obligations and ownership of the property reverted to the bank.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
Notice: In accordance with FTC guidelines, we state that RealEstateProArticles.com has financial relationships with some companies and may be compensated if consumers choose to buy, subscribe or take any action to a product or service via the links on our website. Occasionally, we receive free access to review a product or service. We do not accept compensation in exchange for a positive review. These reviews are strictly the opinions of the author.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites