Two Houts Development properties sold at foreclosure auction

FORT COLLINS — Welcome to Realty LLC, a company registered to Christophe Attard, may become the new owner of a duplex property at 5218 and 5220 Sunglow Court in Fort Collins after a foreclosure auction Wednesday.

The Larimer County Public Trustee conducted the auction on the property, which had been owned by Houts Development and Construction LLC. TBK Bank SSB foreclosed on the properties. Public Trustee records show that Houts originally borrowed $888,500 on the property, and at time of sale the principal balance was $767,866. Welcome to Realty paid $767,867 and will gain title to the property pending actions by any junior lien holders within eight business days. Attard was interested in the property because the structures were almost complete, he told BizWest.

A second property in the same subdivision, 5211 and 5215 Sunglow Court, also was up for auction but it did not receive any bids. The property included some foundation work but no structures. Outstanding balance on the second property was listed at $256,342 by the same lender, TBK Bank SSB. 

When bids at the auction are not received, the property is sold to the bank at the minimum bid amount. 

Houts Development has multiple properties that are in the foreclosure process. Another property in the Sunrise Ridge Subdivision is scheduled for a foreclosure sale in August if the debt is not cured. As of February, $1.024 million was owed on an original loan of $3.051 million.

A property at 4018 Ridgeline Drive in Timnath, which was subject to foreclosure by First National Bank of Pierre, South Dakota, has $671,343 remaining on its debt. An intent to cure has been filed on that property by William S. Smith, trustee for the Smith Family Trust.

David Houts, owner of Houts Development, previously told BizWest that the loan was a construction loan and that the single-family home at that location was ready for sale except for appliances.

Also on record with the Public Trustee’s office are two vacant lots in the Heron Lakes subdivision of Berthoud with loan amounts $155,000 and $150,000. Lien holders are Mario J. Carmosino and Keith Elliott. Sale date on those lots is Sept. 29 unless the defaults are cured.

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