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380 msWoods foreclosure 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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2708 North Keyway, Scottsburg, IN 47170 2708 North Keyway, Scottsburg, IN 47170 Add to Favorites
Subdivision: NA  
3 bed/2 bath home with approx. 1,400 sq. ft. on 7.42 ACRES! Home offers a 2-Car Detached garage and carport! Back deck w/country view! ALL data is APPOX. (including room sizes, taxes and lot size) and should be verified by buyers via home/septic inspectio...
3 Beds, 2 Bath Areas, 1404 SqFt
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Lighthouse Realty Group, Inc
505 South Stephen Drive, Brownsburg, IN 46112 505 South Stephen Drive, Brownsburg, IN 46112 Add to Favorites
Subdivision: Sering & Wise Southtown  
Beautiful ranch style home located in the heart of Brownsburg. This 2 bedroom, 1.5 bathroom home features new carpet in the bedrooms, new paint throughout and a brand new HVAC system. The huge living room with hardwood floords has many options with its ...
2 Beds, 2 Bath Areas, 1096 SqFt
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RE/MAX Advanced Realty
137 East Lakeview Drive, Nineveh, IN 46164 137 East Lakeview Drive, Nineveh, IN 46164 Add to Favorites
Subdivision: Princes Lake  
Spacious home in Prince's Lakes. Garage conversion offers many possibilities including a family room or guest quarters. The back yard has a fenced portion and a deck. This Fannie Mae HomePath Property offers possession at closing.
4 Beds, 2 Bath Areas, 1848 SqFt
$119,900 (For Sale)
Home Marketing Specialists
5430 East 19th Place, Indianapolis, IN 46218 5430 East 19th Place, Indianapolis, IN 46218 Add to Favorites
Subdivision: Ritter Park  
Tremendous opportunity on this 3 bedroom, two bath home. One of the largest homes in the neighborhood. Full finished basement with full bath. 2nd floor features spacious bedroom with sitting area and large closet. Fenced backyard.
3 Beds, 2 Bath Areas, 1920 SqFt
$23,800 (For Sale)
F.C. Tucker Company
60 Central Indiana Realtors to Open Doors
625 North Spring Street, Greenfield, IN 46140 625 North Spring Street, Greenfield, IN 46140 Add to Favorites
Subdivision: Walker  
Two bedroom, 1 full bath, 1728 sq. ft. home with 2 car detached garage. Easy access to amenities, major roadways and interstate.
2 Beds, 1 Bath Areas, 2074 SqFt
$48,000 (For Sale)
Wood Realty Group
3018 North Delaware Street, Indianapolis, IN 46205 3018 North Delaware Street, Indianapolis, IN 46205 Add to Favorites
Subdivision: Osgoods Meridian Park  
Fantastic investment opportunity in an area of revitalization. This home is huge and offers a convenient location within minutes of downtown. Home features a large entry, hardwoods, 4 bedrooms, 2 full baths, a huge unfinished attic and a basement. You ...
4 Beds, 2 Bath Areas, 2875 SqFt
$94,900 (For Sale)
Wynkoop Brokerage Firm, LLC
3931 North Capitol, Indianapolis, IN 46208 3931 North Capitol, Indianapolis, IN 46208 Add to Favorites
Subdivision: Lattas North Illinois St  
Beautifully remodeled 4 bedroom, 3 bathroom home. The home is located in a well kept and pleasant neighborhood, situated in the Butler Tarkington community. Elegant hardwood flooring in the living room dining room, and bedrooms. Brand new kitchen; new cab...
4 Beds, 2 Bath Areas, 3044 SqFt
$225,000 (For Sale)
Community Real Estate Services
7737 South State Road 135, Columbus, IN 47201 7737 South State Road 135, Columbus, IN 47201 Add to Favorites
Subdivision: NA  
Convenient for commuters to Columbus or Nashville. Surrounded by beautiful state forest. This ranch over basement is just waiting for your updates to make it a perfect place to call home. Plenty of room for outdoor activities, even a pony! Call to see tod...
3 Beds, 1 Bath Areas, 2688 SqFt
$84,900 (For Sale)
Dzierba Real Estate Services
3507 Apple Street, Indianapolis, IN 46203 3507 Apple Street, Indianapolis, IN 46203 Add to Favorites
Subdivision: Prospect Heights  
3 Bedroom Cottage. In an area where everyone knows their Neighbor! Pet friendly with a fence. Built in 1963 and can use updates and some repair - well worth the Investment!
3 Beds, 1 Bath Areas, 972 SqFt
$25,300 (For Sale)
AL Page Realty
Interested in a Real Estate Career? Learn More
539 West Taylor Street, Shelbyville, IN 46176 539 West Taylor Street, Shelbyville, IN 46176 Add to Favorites
Subdivision: NA  
Larger then it looks! This home offers entry/office area, formal dining room with arched doorways, kitchen with lots of cabinets and counter tops, bonus room opens up to deck, extra storage in hallway,full unfinished basement, storage sheds and additional...
1 Beds, 1 Bath Areas, 2032 SqFt
$42,000 (For Sale)
Infinity Realty Inc.
6252 East Southport Road, Indianapolis, IN 46237 6252 East Southport Road, Indianapolis, IN 46237 Add to Favorites
Subdivision: Southport  
Check out this Quaint 2 bedroom, 1bath Bungalow with Basement and 2 Car Detached Garage, Situated on .69 acre lot. This house has so much potential to be an adorable home. Welcoming front porch, Living room, Kitchen with Breakfast nook, Full Basement, nic...
2 Beds, 1 Bath Areas, 2160 SqFt
$98,500 (For Sale)
Home2Heart Real Estate,LLC
2935 Collier Street, Indianapolis, IN 46241 2935 Collier Street, Indianapolis, IN 46241 Add to Favorites
Subdivision: Mars Hill  
Great opportunity in this near Southwest side 2 bedroom 2 bath home. This property boasts a fenced yard and 2 car detached garage. Take note of the large family room and dining room. See this property today.
2 Beds, 2 Bath Areas, 2160 SqFt
$31,000 (For Sale)
Wynkoop Brokerage Firm, LLC
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