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378 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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2302 East 1000 N, Pendleton, IN 46064 2302 East 1000 N, Pendleton, IN 46064 Add to Favorites
Subdivision: Metes & Bounds  
This amazing home is on 10 acres of the finest country living in the area. If you are looking for the perfect space to raise any size family the 5 bedrooms and 3000 square feet is just what you need. Here you have privacy and tranquility to relax in thi...
5 Beds, 3 Bath Areas, 3912 SqFt
$289,000 (For Sale)
The Wilmoth Group
137 1~2F2 Bridge Street, Mooresville, IN 46158 137 1~2F2 Bridge Street, Mooresville, IN 46158 Add to Favorites
Subdivision: NA  
Nice Potential with this two Bedroom, One Bath home, ready for your personal touch.
2 Beds, 1 Bath Areas, 1344 SqFt
$12,500 (For Sale)
Berkshire Hathaway Home
2867 Westbrook Avenue, Indianapolis, IN 46241 2867 Westbrook Avenue, Indianapolis, IN 46241 Add to Favorites
Subdivision: Lafayette Heights  
Clean, bank-owned home. Hardwood floors in LR and both BRs. Large 2-car garage with good storage. Nice partially fenced lot. Basement offers many possibilities.
2 Beds, 1 Bath Areas, 1360 SqFt
$58,500 (For Sale)
F.C. Tucker Company
3001 East Michigan Street, Indianapolis, IN 46201 3001 East Michigan Street, Indianapolis, IN 46201 Add to Favorites
Subdivision: Hafners Sub Fletcher  
Good investment opportunity in developing east side area. Home will require work but is priced accordingly.
2 Beds, 1 Bath Areas, 2640 SqFt
$24,900 (For Sale)
Realty Wealth Advisors
Selling? Get an Instant Home Valuation
1505 Thresher Court, Columbus, IN 47201 1505 Thresher Court, Columbus, IN 47201 Add to Favorites
Subdivision: Country Wood  
This two story home has 1680 sq. ft. of living space with 4 bedrooms, 2.5 baths and also features a large back deck, fenced back yard and is located on a cul-de-sac. Property is being sold “As Is” “Where Is” with no warranties expressed or implied...
4 Beds, 3 Bath Areas, 1680 SqFt
$88,000 (For Sale)
Coldwell Banker Martin Miller
2129 Broadway, Anderson, IN 46012 2129 Broadway, Anderson, IN 46012 Add to Favorites
Subdivision: North Anderson  
 
3 Beds, 2 Bath Areas, 2240 SqFt
$84,900 (For Sale)
Rhodes Realty, LLC
8220 Goat Hollow Road, Martinsville, IN 46151 8220 Goat Hollow Road, Martinsville, IN 46151 Add to Favorites
Subdivision: NA  
This lovely home is very cozy with extraordinary potential for you to make your own! This home is just waiting for you to bring all of your style and character to create your dream home! The living room is very spacious and is the perfect place to spend t...
4 Beds, 1 Bath Areas, 1997 SqFt
$40,000 (For Sale)
Keller Williams Indy Metro S
1135 East 775 S, Nineveh, IN 46164 1135 East 775 S, Nineveh, IN 46164 Add to Favorites
Subdivision: Williamsburg  
Great value! Basement Detached garage. HUD home in "As-Is" condition. (Case #151-933188 ). Information deemed reliable but not guaranteed. Selling broker to verify all information. Insured Status (UI).
4 Beds, 1 Bath Areas, 2938 SqFt
$32,000 (For Sale)
Home Marketing Specialists
6979 South Kenny Place, Terre Haute, IN 47802 6979 South Kenny Place, Terre Haute, IN 47802 Add to Favorites
Subdivision: NA  
Check out this 3 bedroom 1 bathroom home in Terre Haute. With a little imagination and some TLC this could be a great home or investment property.
3 Beds, 1 Bath Areas, 1052 SqFt
$59,900 (For Sale)
Atlantis Realty Group, INC
"Largest Real Estate Agencies" - IBJ 2017
1460 West Private Road 690 N, North Vernon, IN 47265 1460 West Private Road 690 N, North Vernon, IN 47265 Add to Favorites
Subdivision: Arrowhead  
Lots of potential with this OCCUPIED auction property. Easy access to Highway 3. THIS PROPERTY IS OCCUPIED. IT IS UNLAWFUL TO DISTURB OCCUPANTS.
2 Beds, 1 Bath Areas, 1142 SqFt
$53,250 (For Sale)
Home Marketing Specialists
1623 Lincoln Avenue, Evansville, IN 47714 1623 Lincoln Avenue, Evansville, IN 47714 Add to Favorites
Subdivision: NA  
Property is offered as-is. This 2425 SQ FT 3 bedroom 3 bath home features an updated living room and kitchen. Status "UI" insurability. “Plumbing failed to hold pressure at time of initial inspection. Due to this failure, HUD’s Field Service Manager w...
4 Beds, 3 Bath Areas, 3128 SqFt
$65,000 (For Sale)
Keller Williams Indy Metro S
6490 East 249th Street, Cicero, IN 46034 6490 East 249th Street, Cicero, IN 46034 Add to Favorites
Subdivision: NA  
This is your opportunity to enjoy country living yet minutes away from all amenities. Home is situated on 3 acres and features four bedrooms and two full baths. Large open floorplan with spacious family room and separate living room. Schedule your showing...
4 Beds, 2 Bath Areas, 1809 SqFt
$94,900 (For Sale)
J S Ruiz Realty, Inc.
7727 Platini Place, Indianapolis, IN 46214 7727 Platini Place, Indianapolis, IN 46214 Add to Favorites
Subdivision: West Wood  
Awesome 3 bedroom 2.5 bath home on a huge cul-de-sac lot. Home features a fenced in back yard with an in-ground pool (condition unknown), both a living room and family room, nice loft, and much more. This is a rare find and will not last long.
3 Beds, 3 Bath Areas, 2356 SqFt
$109,900 (For Sale)
Wynkoop Brokerage Firm, LLC
448 South Webster Avenue, Indianapolis, IN 46219 448 South Webster Avenue, Indianapolis, IN 46219 Add to Favorites
Subdivision: Holloway & Jenisons  
All brick 2 bedroom home with unfinished basement and detached garage. Kitchen offers plenty of storage. Nice lot with off street parking and fenced backyard.
2 Beds, 1 Bath Areas, 1700 SqFt
$40,000 (For Sale)
Ala Carte Realty
Interested in a Real Estate Career? Learn More
1246 Shepard Street, Indianapolis, IN 46221 1246 Shepard Street, Indianapolis, IN 46221 Add to Favorites
Subdivision: Bridges & Graves  
2 Bed, 1 bath home located in Indianapolis, IN. This home has a covered front porch and nice sized back yard. The interior will need work and repairs but has a lot of potential.
2 Beds, 1 Bath Areas, 1008 SqFt
$15,900 (For Sale)
US Realty
2645 North Middle Patton Park Road, Martinsville, IN 46151 2645 North Middle Patton Park Road, Martinsville, IN 46151 Add to Favorites
Subdivision: M & B  
Great starter home in the country on a 1.5 acre lot. 3 Bedroom, 2 bath with a formal living room for entertaining, beautiful kitchen with lots of cabinets. This home is just waiting for you to bring all of your style and character! Located on a nice piece...
3 Beds, 2 Bath Areas, 1456 SqFt
$45,000 (For Sale)
Keller Williams Indy Metro S
3460 West 79th Street, Indianapolis, IN 46268 3460 West 79th Street, Indianapolis, IN 46268 Add to Favorites
Subdivision: NA  
This home can be made into something beautiful. At this price you still have plenty of money left to turn this into a lovely home. Nice sized lot will give you a great county feel. Please see agent remarks and attachments.
2 Beds, 1 Bath Areas, 1792 SqFt
$39,900 (For Sale)
Indiana Central Homes
1831 East 37th Street, Anderson, IN 46013
Fixer-Upper
1831 East 37th Street, Anderson, IN 46013 Add to Favorites
Subdivision: G A Hoppes  
FIXER-UPPER, SOLD AS-IS. 2 BR 2BA. 2-CAR DETACHED GARAGE. BANK OWNED.
2 Beds, 2 Bath Areas, 1340 SqFt
$29,900 (For Sale)
RE/MAX Complete
9944 North Kennedys Crossing Road, Brazil, IN 47834 9944 North Kennedys Crossing Road, Brazil, IN 47834 Add to Favorites
Subdivision: NA  
This home provides solitude and a sense of peace and relaxation with a large front porch that overlooks a stocked pond. Kitchen has handmade Amish hickory cabinets. Washer & dryer hookups on each level. Master has large walk-in closet and master bath is ...
3 Beds, 2 Bath Areas, 3877 SqFt
$378,000 (For Sale)
Emmert Realty
8715 Spring Valley Lane, Indianapolis, IN 46231 8715 Spring Valley Lane, Indianapolis, IN 46231 Add to Favorites
Subdivision: Spring Valley  
Wayne Township deal! Tri-level located on a mature lot with privacy fenced yard, mini barn, wood deck and in-ground pool. This 4 bedroom, 3 full bath home features a large family room w/wood burning fireplace, spacious kitchen/dining area with breakfast b...
4 Beds, 3 Bath Areas, 2414 SqFt
$95,000 (For Sale)
Keller Williams Indy Metro W
2700 North County Road 20 W, North Vernon, IN 47265 2700 North County Road 20 W, North Vernon, IN 47265 Add to Favorites
Subdivision: NA  
Unique property! This is the former Beck's Christmas Tree Farm. It's two parcels...a total of 49 acres...mostly wooded. The property includes 2 homes. Home #1 is a 2-story log cabin with a basement. 3 bed, 2 bath. Rustic living with wood heat and a ...
3 Beds, 2 Bath Areas, 2100 SqFt
$325,000 (For Sale)
Century 21 Pieratt & Belding
4711 Linton Lane, Indianapolis, IN 46226 4711 Linton Lane, Indianapolis, IN 46226 Add to Favorites
Subdivision: Devon Ridge  
Lakefront Estate Sale for this solid 2BR,2BA brick ranch with partially finished WALK-OUT basement. Awesome screened porch overlooks the lake, as does dining, kitchen, breakfast room and 1 BR. Could easily add a 3rd bedroom & possibly another bath in one ...
2 Beds, 2 Bath Areas, 2466 SqFt
$150,000 (For Sale)
CENTURY 21 Scheetz
212 South Poplar Street, Westport, IN 47283 212 South Poplar Street, Westport, IN 47283 Add to Favorites
Subdivision: NA  
3 bedroom, 2 bath Home, 1643 sq ft, cement drive, back yard fenced, sold As-Is, Bank Owned.
3 Beds, 2 Bath Areas, 1643 SqFt
$88,000 (For Sale)
Lincoln Realty, INC
7050 North State Road 267, Brownsburg, IN 46112 7050 North State Road 267, Brownsburg, IN 46112 Add to Favorites
Subdivision: NA  
Location,location,location! Perfect for a family or business. Property has been used as an office/warehouse for a local business. Plenty of room enter into living room that is connected to family room area. 3 bedrooms, 2 1/2 baths, large deck, ample par...
3 Beds, 3 Bath Areas, 1456 SqFt
$198,000 (For Sale)
Homesmart Realty Group
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