FDIC buys Teton Pines condo for lienholder
By Kevin Huelsmann and Thomas Dewell, Jackson Hole, Wyo.
September 11, 2009
The Federal Deposit Insurance Corp. bought a condominium in the Meadows at Teton Pines on Thursday to protect a lien against the property.
A representative from the federal agency bid almost $817,000 for the condo during a foreclosure auction, edging out the primary lender on the property by a dollar.
“[The FDIC] bought it for the First Bank of the Tetons in Idaho,” said Cheryl Chidester, civil process supervisor for the sheriff’s office. “They were the second lienholder, for a second mortgage. They bid a dollar over Jackson State Bank, basically, to keep an interest in the property.”
Edward Cather, an attorney for the FDIC, submitted the winning bid on behalf of the FDIC.
“We have a second lien,” Cather said in front of the county courthouse. “We’re protecting our lien.”
Chidester said the owner of the condo, at 2784 N. Teton Pines Drive in the Meadows of Teton Pines, still has an opportunity to make a bid for the property.
There is a three-month waiting period that allows the condo’s owner to satisfy the outstanding loan, according to the sheriff’s office Web site. After that initial three-month period, there are an additional 30 days that allow any junior lienholders to make a bid on the property.
The condo was only the second residence to receive any bids this year.
In August, two individuals from Washington bought two time-shares in the Teton Club.
Since January, 16 Teton County residences have been taken over by banks or lending companies after no one bid during foreclosure auctions.
The next auction is scheduled for 10 a.m. Tuesday in front of the county courthouse.
A condo along Powderhorn Lane is slated for auction that day. Its opening bid is listed at $267,188.86.
Currently, there are nine properties, whose owners owe a combined total of about $19.5 million, scheduled for auction. That list includes a unit in the Timbers at Granite Ridge and a multimillion-dollar lot in Teton Village that’s owned by Tatanka Hotel Development Partners.
The opening bids for those two properties are listed as $2.6 million and $14.08 million, respectively.
Anyone interested in bidding on foreclosed property can access a schedule by visiting www.tetonsheriff.org and clicking on the Civil Process tab on the left side of the page and then clicking on the Auctions for Foreclosed Property tab, also on the left side of the page.
Auction notices can also be found in the legal notices published in the Jackson Hole News&Guide and at the sheriff’s office civil process division in the county courthouse.
