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382 Distressed Homes for Sale in Central Indiana

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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4515 Kessler Lane East Drive, Indianapolis, IN 46220 4515 Kessler Lane East Drive, Indianapolis, IN 46220 Add to Favorites
Subdivision: Devonshire  
Fantastic opportunity in Devonshire. Plenty of space in this 3 bed room 1.5 bath home. Spacious bedrooms, large living room with fire place. Covered porch with large back yard complete with raised gardening beds. This is a must see.
3 Beds, 2 Bath Areas, 3136 SqFt
$120,000 (For Sale)
United Real Estate Indpls
10101 South County Road 875 E, Losantville, IN 47354 10101 South County Road 875 E, Losantville, IN 47354 Add to Favorites
Subdivision: NA  
Spacious 4 bedroom 2 bath manufactured home on over an acre of land! This home has a lot to offer. Come and see it today! HUD Case#: 151-828761 UI. HUD homes are sold As-Is. Information deemed reliable but not guaranteed.
4 Beds, 2 Bath Areas, 1800 SqFt
$47,000 (For Sale)
Golden Rule Realty, LLC
3115 South Stone Road, Marion, IN 46953 3115 South Stone Road, Marion, IN 46953 Add to Favorites
Subdivision: NA  
Cape Cod style home with nice curb appeal. 2 Car attached garage and a nice deck in the back. MBR on main level with hall bath just a few steps away. Two large BR's upstairs and a full bath. Partially finished basement. Located on a winding road in a subd...
3 Beds, 2 Bath Areas, 2596 SqFt
$820,000 (For Sale)
RE/MAX Real Estate Groups
8605 Vine Maple Way, Indianapolis, IN 46278 8605 Vine Maple Way, Indianapolis, IN 46278 Add to Favorites
Subdivision: The Preserves At Eagle Creek  
Beautiful, spacious 2 story home in The Preserve at Eagle Creek is a must see! The master suite has a large bdrm. with tray ceiling, large master bath with walk in shower, a jacuzzi tub AND a huge double sink vanity. The walkin closet is so huge, there re...
5 Beds, 5 Bath Areas, 4983 SqFt
$349,900 (For Sale)
Flanagan Realty LLC
"Largest Real Estate Agencies" - IBJ 2017
743 South 500 W, New Palestine, IN 46163 743 South 500 W, New Palestine, IN 46163 Add to Favorites
Subdivision: NA  
It’s one of a Kind, Lg Entry welcoming you into this 3bdrm, 2.5bth Traditional house. There is so much potential! Check out the Enormous addition consisting of 4+ car attached garage and full floored 2nd Lvl wired & been plumbed for a bathroom, This1...
3 Beds, 3 Bath Areas, 2615 SqFt
$161,000 (For Sale)
Home2Heart Real Estate,LLC
902 West Main Street, Danville, IN 46122
Fixer-Upper
902 West Main Street, Danville, IN 46122 Add to Favorites
Subdivision: NA  
If you are looking for a diamond in the rough in the heart of Danville, this home could be for you! Previous owner installed all new Pella windows throughout, appears to be new roof, gutted home to studs (old and mostly new) creating new rooms and a moder...
3 Beds, 4 Bath Areas, 4549 SqFt
$89,000 (For Sale)
RE/MAX Centerstone
458 South Livingston Avenue, Indianapolis, IN 46241 458 South Livingston Avenue, Indianapolis, IN 46241 Add to Favorites
Subdivision: Doerre's Maple Grove  
3 bedroom 1 bath home conveniently located on the near West side of Indianapolis. This home has amazing curb appeal. Take note of the large detached garage and basement. This home could easily be converted into a 4 bedroom home. Some updates have been com...
3 Beds, 1 Bath Areas, 2000 SqFt
$54,900 (For Sale)
Wynkoop Brokerage Firm, LLC
2316 Coyner Avenue, Indianapolis, IN 46218 2316 Coyner Avenue, Indianapolis, IN 46218 Add to Favorites
Subdivision: Hoss Sub E T Fletcher  
Take a look at this 2 bedroom 1 bath 2 story home built in 1910. This home has amazing woodwork and built ins throughout. Take note of the enclosed front porch and the full basement. This home has a large fenced backyard and large living room. This home i...
2 Beds, 1 Bath Areas, 2267 SqFt
$19,900 (For Sale)
Wynkoop Brokerage Firm, LLC
1235 Saint Paul Street, Indianapolis, IN 46203 1235 Saint Paul Street, Indianapolis, IN 46203 Add to Favorites
Subdivision: Atkinson  
2 bdrm 1 bath property with detached garage. Needs some work. No inspections have been done.
2 Beds, 1 Bath Areas, 800 SqFt
$19,900 (For Sale)
Home Marketing Specialists
60 Central Indiana Realtors to Open Doors
5320 Gainsborough Court, Indianapolis, IN 46254 5320 Gainsborough Court, Indianapolis, IN 46254 Add to Favorites
Subdivision: Coventry Woods  
Pike Township 3 bedroom 2 bath. Conveniently located near the highway, downtown, and shopping/dining. Fully fenced backyard. Take note of the oversized living room with vaulted ceilings. This property is priced to move fast. See it today!
3 Beds, 2 Bath Areas, 1120 SqFt
$57,200 (For Sale)
Wynkoop Brokerage Firm, LLC
1304 Union Street, Columbus, IN 47201 1304 Union Street, Columbus, IN 47201 Add to Favorites
Subdivision: NA  
GREAT INVESTMENT PROPERTY! ALL BRICK DUPLEX LOCATED ON CORNER LOT. FRONT UNIT ENJOYS COVERED FRONT PORCH AND YARD AND BACK UNIT ENJOYS FENCED IN BACK YARD. BOTH UNITS HAVE FULL BASEMENT AND LAUNDRY. REFRIGERATOR AND GAS OVEN/RANGE IN EACH UNIT. SEPARATE G...
0 Beds, 0 Bath Areas, 0 SqFt
$124,900 (For Sale)
RE/MAX Real Estate Prof
1202 North New Jersey, Indianapolis, IN 46202 1202 North New Jersey, Indianapolis, IN 46202 Add to Favorites
Subdivision: Morris  
This charmer represents "The Old Northside" very well. Features include 4 bedrooms, 2.5 baths, large foyer, kitchen, dining room, living room, family room, den, off street parking, large covered front porch and situated on a corner lot. Super value for t...
4 Beds, 4 Bath Areas, 3976 SqFt
$194,000 (For Sale)
American Wholesale Properties,
4420 North County Road 700 W, Scipio, IN 47273 4420 North County Road 700 W, Scipio, IN 47273 Add to Favorites
Subdivision: NA  
Bring your hammer and paint! This four bedroom two bath home has 2851 sq. ft. of living space, a 24x36 detached building and is situated on 1.24 acres in a country setting. Property is being sold "As Is" "Where Is" with no warranties expressed or implied.
4 Beds, 2 Bath Areas, 3051 SqFt
$36,000 (For Sale)
Coldwell Banker Martin Miller
9184 West 1300 N Road, Elwood, IN 46036
Fixer-Upper
9184 West 1300 N Road, Elwood, IN 46036 Add to Favorites
Subdivision: NA  
4 BED, LIVING ROOM, FAMILY ROOM LARGE LAUNDRY ROOM, 2 CAR GARAGE AND A BLOCK BUILDING ON OVER AN ACRE
4 Beds, 1 Bath Areas, 1896 SqFt
$52,900 (For Sale)
RYAN Realty
1,000s More local listings than
828 North Perkins Street, Rushville, IN 46173 828 North Perkins Street, Rushville, IN 46173 Add to Favorites
Subdivision: NA  
Covered Front Porch invites you in to this Spacious 2bedroom, 1.5 bath home, some original woodwork, Formal Living Room, dining Room, Large Kitchen. Bedrooms located on upper level, Off street parking, Carport and Storage Shed, Fenced in yard
2 Beds, 2 Bath Areas, 2013 SqFt
$27,000 (For Sale)
Home2Heart Real Estate,LLC
4931 West County Road 200 N, New Castle, IN 47362 4931 West County Road 200 N, New Castle, IN 47362 Add to Favorites
Subdivision: NA  
Enjoy country living in this 3 bedroom, 2 full bath, 1456 sq. ft. manufactured home with large deck on front situated on just over an acre.
3 Beds, 2 Bath Areas, 1456 SqFt
$40,000 (For Sale)
Wood Realty Group
3739 Dubarry Road, Indianapolis, IN 46226 3739 Dubarry Road, Indianapolis, IN 46226 Add to Favorites
Subdivision: North Eastwood  
All brick 3 bedroom ranch with 2 car detached garage. Spacious living room plus additional family room. Large kitchen with separate dining area. Close to shopping and dining.
3 Beds, 2 Bath Areas, 1653 SqFt
$32,900 (For Sale)
Ala Carte Realty
1404 Van Buskirk Road, Anderson, IN 46011 1404 Van Buskirk Road, Anderson, IN 46011 Add to Favorites
Subdivision: Forest Hills  
Home is 4 bedrooms with 2 full baths and 2 half baths, 4271 sq. ft., contemporary style home built in 1973 in private wooded area. Home features large family room, gas fireplace in living room, stained glass windows near entryway, theater room in walkout...
4 Beds, 4 Bath Areas, 4622 SqFt
$161,000 (For Sale)
Wood Realty Group
2801 South New York Avenue, Yorktown, IN 47396 2801 South New York Avenue, Yorktown, IN 47396 Add to Favorites
Subdivision: NA  
Spacious ranch in Yorktown. This home offers 3 bedroom 1 bath house with large lot. Come and see it today! HUD Case#: 151-846706 UI. HUD homes are sold As-Is. Information deemed reliable but not guaranteed.
3 Beds, 1 Bath Areas, 1175 SqFt
$58,000 (For Sale)
Golden Rule Realty, LLC
1014 Albany Street, Indianapolis, IN 46203 1014 Albany Street, Indianapolis, IN 46203 Add to Favorites
Subdivision: Berkeley  
Great asset or 1st time Buyer prospect to check out in Garfield Park! This is a 2 bed, 1 bath bungalow w/ an addition that provides extra living space or a potential 3rd bedroom. Great property on a quiet street, fenced in yard and a massive detached ga...
2 Beds, 1 Bath Areas, 940 SqFt
$54,900 (For Sale)
CENTURY 21 Diversified Realty
984 Ellenberger Pkwy W Drive, Indianapolis, IN 46219
Open House
984 Ellenberger Pkwy W Drive, Indianapolis, IN 46219 Add to Favorites
Subdivision: Ellenberger Plaza  
LOW MAINTENANCE! This all brick home features a professionally landscaped yard, that requires little maintenance. Enjoy this well maintained home, which features newer windows, beautiful hardwood floors in the bedrooms, large open front porch, as well as...
3 Beds, 2 Bath Areas, 1904 SqFt
$155,000 (For Sale)
Whalen Realty Group, LLC
619 Waldemere, Indianapolis, IN 46241 619 Waldemere, Indianapolis, IN 46241 Add to Favorites
Subdivision: Biltmore Gardens  
BEAUTIFULLY REMODELED, MOVE IN READY, 3 Bdrm home w/ large, 2 car garage in quiet, south side neighborhood!!! Home has HUGE Family Room & Eat in Kitchen w/Stainless Appliances, BRAND NEW BEAUTIFUL STAINLESS GAS STOVE, beautiful New Kitchen Flooring & Pa...
3 Beds, 1 Bath Areas, 1032 SqFt
$68,700 (For Sale)
A. M. Sandler & Associates
3128 Adams Street, Indianapolis, IN 46218 3128 Adams Street, Indianapolis, IN 46218 Add to Favorites
Subdivision: North Plaza  
3 bedroom 1 bath home with a full unfinished basement. Home sits on a desirable dead end street. Great investment opportunity.
3 Beds, 1 Bath Areas, 1750 SqFt
$28,000 (For Sale)
Wynkoop Brokerage Firm, LLC
7938 Caswell Street, Indianapolis, IN 46259 7938 Caswell Street, Indianapolis, IN 46259 Add to Favorites
Subdivision: Swails  
Nice two bedroom two bath home with a large detached garage as well as a separate building that could be used as a workshop. Third room could be used as a bedroom but it does not have a closet. Cozy family room with a fireplace. Spacious backyard . Schedu...
2 Beds, 2 Bath Areas, 1448 SqFt
$74,900 (For Sale)
J S Ruiz Realty, Inc.
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