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161 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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7902 East 34th Place, Indianapolis, IN 46226 7902 East 34th Place, Indianapolis, IN 46226 Add to Favorites
Subdivision: Glicks Franklin Rd Add  
Amazing opportunity in this 3 bedroom 1.5 bath stone ranch. This home is situated on a large corner lot conveniently located near 465, shopping, dining, and downtown Indianapolis. Take note of the attached garage, fenced yard, large living room, and a fir...
3 Beds, 2 Bath Areas, 1216 SqFt
$59,900 (For Sale)
Wynkoop Brokerage Firm, LLC
1703 Blaine Avenue, Terre Haute, IN 47804 1703 Blaine Avenue, Terre Haute, IN 47804 Add to Favorites
Subdivision: NA  
Two bedroom one bath 924 square foot bungalow on a quiet tree-lined street. Partial basement perfect for storage. Detached 528 square foot garage on a 1/4 acre lot. This is a must see!!!
2 Beds, 1 Bath Areas, 1155 SqFt
$31,900 (For Sale)
Berkshire Hathaway Home
4760 East 39th Street, Indianapolis, IN 46226 4760 East 39th Street, Indianapolis, IN 46226 Add to Favorites
Subdivision: Rose Hill  
 
0 Beds, 0 Bath Areas, 0 SqFt
$6,900 (For Sale)
Keller Williams Indy Metro W
1845 Eisenhower Drive, Speedway, IN 46224 1845 Eisenhower Drive, Speedway, IN 46224 Add to Favorites
Subdivision: Schloss Home Place  
Adorable bungalow in awesome neighborhood near Speedway! Great features inside & out! Screened porch, charming updated bathrooms with tile walls, original kitchen cabinets, two living areas, cozy master retreat with attached half bathroom and basement off...
3 Beds, 2 Bath Areas, 1216 SqFt
$118,000 (For Sale)
Berkshire REO, LLC
1825 South Drexel Avenue, Indianapolis, IN 46203 1825 South Drexel Avenue, Indianapolis, IN 46203 Add to Favorites
Subdivision: Roundtree Park  
Great opportunity to own this ranch home close to Beech Grove. Great for a rental or owner occupant. Located on a mature lot with privacy fenced back yard, storage shed and wood deck. This home features 3 bedrooms, 1 bath, laundry hookup, dining room and ...
3 Beds, 1 Bath Areas, 962 SqFt
$41,500 (For Sale)
Keller Williams Indy Metro W
1886 South Leatherwood Road, Bedford, IN 47421 1886 South Leatherwood Road, Bedford, IN 47421 Add to Favorites
Subdivision: NA  
Large 2-Story home on 4+/- ACRES! ALL data is APPROX. and should be verified by buyers via home inspection and/or survey (including room sizes, sq ft., lot size, utilities, schools, etc.). SOLD AS IS!
4 Beds, 1 Bath Areas, 3532 SqFt
$170,000 (For Sale)
Lighthouse Realty Group, Inc
2952 East Tabor Street, Indianapolis, IN 46203 2952 East Tabor Street, Indianapolis, IN 46203 Add to Favorites
Subdivision: Red Maple Grove  
Newer 4 bdrm, 2.5 bath home has a main floor master. 2 car garage. Bank owned. This one needs a little TLC, but is a fantastic home and is 7 minutes to Fountain Square. 2 minutes to Garfield Park, 12 minutes to Mass Ave, 11 minutes to the Heart of Downt...
4 Beds, 3 Bath Areas, 1551 SqFt
$97,900 (For Sale)
Go Fish Realty
12407 East 75th Street, Indianapolis, IN 46236 12407 East 75th Street, Indianapolis, IN 46236 Add to Favorites
Subdivision: NA  
Awesome Lawrence Township location. This home sits on a desirable 1 acre lot and includes a large barn. Home features a main level bedroom and a large upstairs master suite. Add your finishing touches and you will not be disappointed.
2 Beds, 2 Bath Areas, 2610 SqFt
$119,000 (For Sale)
Wynkoop Brokerage Firm, LLC
614 West Market Street, Logansport, IN 46947 614 West Market Street, Logansport, IN 46947 Add to Favorites
Subdivision: NA  
Fantastic square footage offered with this three bedroom home!! Features include natural woodwork throughout, Spacious kitchen, separate dining room, partial basement, full bath on main level, three bedrooms and full bath upper level, covered front porch...
3 Beds, 2 Bath Areas, 2137 SqFt
$20,000 (For Sale)
Re/Max Realty One
1214 Mcdougal Street, Indianapolis, IN 46203 1214 Mcdougal Street, Indianapolis, IN 46203 Add to Favorites
Subdivision: Mccord & Wheatleys  
Great opportunity to own a 2 bedroom home with large living room and large bedrooms with plenty storage space. 2 car detached garage great plus!!! Huge deck and backyard fully fenced. Close to schools, shopping and the interstate.
2 Beds, 1 Bath Areas, 1902 SqFt
$30,000 (For Sale)
American Wholesale Properties,
1417 North Denny Street, Indianapolis, IN 46201 1417 North Denny Street, Indianapolis, IN 46201 Add to Favorites
Subdivision: East Lawn  
Take a look at this bungalow with so much to offer. Large eat in kitchen and spacious rooms. Enclosed front porch and a large covered deck with a privacy fenced yard! Basement for storage and laundry. Mini barn outside for additional storage.
2 Beds, 1 Bath Areas, 1286 SqFt
$33,700 (For Sale)
American Wholesale Properties,
12 Eastridge Drive, Greenwood, IN 46143 12 Eastridge Drive, Greenwood, IN 46143 Add to Favorites
Subdivision: South Crest Add  
This brick ranch home has a lot to offer such as mature trees, fully fenced yard, large corner lot, 4 bedrooms, 1.5 baths and covered patio. Some updates have been done over the years some come take a look at this home in a very popular area. Close to dow...
4 Beds, 2 Bath Areas, 1300 SqFt
$80,000 (For Sale)
American Wholesale Properties,
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