Questionable Colorado Springs Home Sales Get Closer Look

In Colorado Springs, Colorado, The Gazette reports:

• The Colorado Real Estate Commission has subpoenaed a Colorado Springs title company's files related to a series of house sales on Balsam Street that resulted in five foreclosures. [...] The subpoena ordered Legacy Title Group to turn over all documents related to the sale of houses at 5134, 5144, 5164, 5174 and 5184 Balsam Street.

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• On April 15, [El Paso County Assessor Mark] Lowderman asked [Colorado Division of Real Estate director Erin] Toll to look into allegations and admissions made by Colorado Springs landscaper Andrew C. Aranda, who bought all five of the houses within a 48-hour period in November 2006, using $1.9 million obtained from five lenders.

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• The five houses ended up in foreclosure; four have resold, each for about $100,000 less than the price Aranda paid.

For more, see Title company’s files subpoenaed (Possible kickback scheme investigated).

For more from The Gazette on this story, see:

• State investigating kickback scheme on Balsam Street (Fraud probe likely, county assessor says),
• For a list of the five homes involved in this story and their sale and resale prices, see Prices of Balsam homes, then and now.