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375 msWoods Distressed Homes for Sale

Looking for a bargain? Include foreclosures, HUD-owned, VA owned and bank-owned properties in your search. But be aware of potential pitfalls when purchasing this any of these types of property.

Here are a few things you’ll need to know before investing in any distressed property.

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Foreclosures

While it is possible to find good foreclosure opportunities, contrary to popular belief, most foreclosure sales begin with a list price that is more than what the property is worth. After all, the bank’s goal is to satisfy all liens against the property, recoup attorney fees and other costs associated with the foreclosure process, and make a profit. So the price is usually anything but a bargain.

Occasionally, there is enough equity left in the home to make purchasing a foreclosure a good investment, assuming everything else goes right.

Advantages
  • Possibility of finding a home with equity (rare)
Considerations & Concerns:
  • When you buy a foreclosure home you are getting the home in as-is condition. This means there could still be someone living there who has yet to move out or be evicted. And a lot can happen to a home in the meantime.
  • In addition to the primary mortgage (first lien), other outstanding liens can exist, from tax liens to second and third liens, mechanic’s liens, homeowner’s association (HOA) dues and more. You are inheriting these obligations.
  • Many banks will provide a pest inspection report if you ask for one. Your offer should be contingent on a home inspection.
  • If you are the winning bidder, then you will be required to pay the full bid by cashier’s check.

Bank-Owned Properties (a.k.a., REO)

When a property fails to sell at the foreclosure auction, it reverts back to the bank and becomes part of its real estate inventory. At this point, the primary mortgage is written-off as a loss, and the bank will negotiate with any remaining lien-holders and pay these off, in addition to any other HOA dues, mechanic’s liens, etc.

The first thing to realize about buying a bank-owned property is that the bank is never in a hurry to sell. Unlike an individual seller, there is no personal financial need to sell the home in a hurry. There is neither frustration nor desperation. Quite the contrary, the bank will act in a calculated fashion to maximize profit.

Advantages
  • Possibility exists to find a home below market value.
Considerations & Concerns:
  • Offers and counter-offers are almost never handled in-person, but instead via FAX, email or some other electronic means.
  • Don’t be surprised if the bank’s counter-offer is not what you hoped. The bank’s counter offer must show to shareholders and auditors that the bank made a good-faith attempt to get the maximum, fair-market price. Only when this is not possible will the bank entertain a lower price.
  • Be prepared to make several counter-offers before an acceptable price can be reached.
  • Ask to see any and all reports, such as homeowner’s inspection reports, pest inspection reports, etc.
  • You will want to have the home inspected and appraised, but this will be come at your own expense.
  • Can ask that the bank make needed repairs, although they generally have no interest in doing so.

HUD-Owned Properties (a.k.a., REO)

The main difference between a HUD-owned property and a bank-owned property is that you are dealing with the federal government and not a private bank. When someone defaults on an FHA-insured mortgage, the lender forecloses on the home and then files a mortgage insurance claim with HUD. HUD then pays the lender what is owed and takes ownership of the property. HUD’s goal is to recover the amount of the mortgage insurance claim, and hopefully get a fair market price for the home.

Advantages
  • Opportunity exists to purchase homes below market value
  • If the home meets FHA guidelines, qualified buyers may be able to purchase the home with an FHA-insured loan. Even if the home doesn’t meet FHA guidelines buyers may be still able to purchase it under FHA’s 203(k) Rehabilitation Loan program, which provides funds for the improvements in a single loan closing. The loan-to-value is based on the estimated future value of the home, with the repairs complete.
Considerations & Concerns:
  • HUD homes are sold as-is, and HUD will not pay to make any needed repairs. As with any home, buyers are strongly encouraged to have the home inspected and appraised.
  • Investors may bid on HUD-owned homes only after a period of time has elapsed, called the Exclusive Sales Period, at which point HUD will accept bids from all buyers, including investors.
  • Bids cannot be submitted directly by buyers. HUD uses private contractors, called “Marketing & Management Contractors” to manage its inventory. These contractors work with HUD-registered real estate brokers, called Local Listing Brokers, to accept bids, which can only be submitted by HUD-approved agents.

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8701 Gunpowder Drive, Indianapolis, IN 46256 8701 Gunpowder Drive, Indianapolis, IN 46256 Add to Favorites
Subdivision: Hunters Glen  
Great location near Castleton, schools, and the highway. Home features 4 bedrooms, 2.5 baths, both a living room and family room, brick fireplace, privacy fenced in back yard, updated kitchen, and updated baths. Home also has all new carpet and fresh pa...
4 Beds, 3 Bath Areas, 2112 SqFt
$179,900 (For Sale)
Wynkoop Brokerage Firm, LLC
6 Philip Court, Indianapolis, IN 46222 6 Philip Court, Indianapolis, IN 46222 Add to Favorites
Subdivision: Eagledale  
Great location with easy access to the Indianapolis Motor Speedway, downtown, and the airport. Home sits on a cul-de-sac lot and has a partially fenced in back yard. Won't last long at this price. MLS Number
3 Beds, 1 Bath Areas, 925 SqFt
$51,000 (For Sale)
Wynkoop Brokerage Firm, LLC
2736 South Shelby Street, Indianapolis, IN 46203 2736 South Shelby Street, Indianapolis, IN 46203 Add to Favorites
Subdivision: Shelby Gardens  
Lots of potential in this duplex near Garfield Park. Conveniently located near shopping, interstate, and bus stops. This 4BR could be a great investment cash flow opportunity.
0 Beds, 0 Bath Areas, 0 SqFt
$60,000 (For Sale)
Aspire Realty, LLC
2129 South East Street, Indianapolis, IN 46225 2129 South East Street, Indianapolis, IN 46225 Add to Favorites
Subdivision: Beatys  
This home has lots of potential and is just waiting for you to bring all of your style and character to create your dream home! The home is located on a nice piece of property that is perfect for enjoying outdoor activities. Don't miss out on this fabul...
2 Beds, 1 Bath Areas, 1200 SqFt
$20,000 (For Sale)
Keller Williams Indy Metro S
4815 Oaknoll Drive, Indianapolis, IN 46221 4815 Oaknoll Drive, Indianapolis, IN 46221 Add to Favorites
Subdivision: Huntington Park  
Terrific opportunity on this brick 3 bedroom ranch. Formal living Room plus a family room with a fireplace. Some hardwood floors. Nice size lot with mature trees. This property was built before 1978 and lead based paint potentially exists.
3 Beds, 2 Bath Areas, 1500 SqFt
$75,500 (For Sale)
Dollens Real Estate Services
619 Phillips Drive, Anderson, IN 46012 619 Phillips Drive, Anderson, IN 46012 Add to Favorites
Subdivision: Eastland  
This ranch-style home includes 1236 sq. ft., 3 bedrooms, 1 bath, and one-car attached garage with a 7'x13' utility room. Spacious yard and convenient location.
3 Beds, 1 Bath Areas, 1236 SqFt
$81,900 (For Sale)
Wood Realty Group
690 South Peru Street, Cicero, IN 46034 690 South Peru Street, Cicero, IN 46034 Add to Favorites
Subdivision: Washington Glass  
 
3 Beds, 2 Bath Areas, 1362 SqFt
$88,000 (For Sale)
F.C. Tucker Company
2062 Shelby Avenue, Evansville, IN 47714 2062 Shelby Avenue, Evansville, IN 47714 Add to Favorites
Subdivision: NA  
Property is offered as-is. This 1196 SQ FT 3 bedroom home features a 1 car garage. Status "UI" insurability. “Plumbing failed to hold pressure at time of initial inspection. Due to this failure, HUD’s Field Service Manager will not permit the connect...
3 Beds, 2 Bath Areas, 1196 SqFt
$32,000 (For Sale)
Keller Williams Indy Metro S
124 Brentwood Lane, New Whiteland, IN 46184 124 Brentwood Lane, New Whiteland, IN 46184 Add to Favorites
Subdivision: 10th Sub  
Nice 3 BR 1 BA home need some interior TLC. Newer vinyl siding, gutters, dimensional roof. Fenced rear w/open patio and storage, mini barn. New High Effic furnace and air and water heater. W/D hk up. Nice curb appeal in well kept neighborhood. Use your im...
3 Beds, 1 Bath Areas, 1094 SqFt
$85,000 (For Sale)
Carpenter, REALTORS®
830 North Gladstone Avenue, Indianapolis, IN 46201 830 North Gladstone Avenue, Indianapolis, IN 46201 Add to Favorites
Subdivision: Mcwhirters E 10th  
This bungalow style home has much to offer. It provides 3 bedrooms and 1 bathroom, eat in kitchen and basement within approximately 960 square feet of living space. Convenient location with close proximity to schools, shopping and all amenities. Whether...
3 Beds, 1 Bath Areas, 1440 SqFt
$25,500 (For Sale)
Owners.com
2289 South County Road 1050 E, Indianapolis, IN 46231 2289 South County Road 1050 E, Indianapolis, IN 46231 Add to Favorites
Subdivision: NA  
Wonderful opportunity to own this all brick home on 1 acre in the Avon School District. Enjoy the large lot from the wood deck and the extra storage in the mini barn. The interior features of this 2 bedroom, 1 bath home include a spacious living room with...
2 Beds, 1 Bath Areas, 1768 SqFt
$69,000 (For Sale)
Keller Williams Indy Metro W
7211 East Troy Avenue, Indianapolis, IN 46239 7211 East Troy Avenue, Indianapolis, IN 46239 Add to Favorites
Subdivision: Suncrest  
Great deal on this Franklin Township home located on a large mature lot with an oversized 2 car detached garage near interstate access. This stone exterior home features 3 bedrooms, 1 bath, laundry hookup, dining room and enclosed back porch.
3 Beds, 1 Bath Areas, 1571 SqFt
$49,350 (For Sale)
Keller Williams Indy Metro W
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