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210 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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3358 Blynshire Circle, North Vernon, IN 47265 3358 Blynshire Circle, North Vernon, IN 47265 Add to Favorites
Subdivision: Country Squire Lake  
Great investment opportunity! Large home in Country Squire Lakes. 1860 sq ft. ranch manufactured in 1999. 3 bedrooms, 2 full bath, split floor plan, plus an additional bonus room for office or formal dining room. Large open family and living rooms. Multi ...
3 Beds, 2 Bath Areas, 1860 SqFt
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Berkshire Hathaway Home
16185 East 281 Street, Atlanta, IN 46031 16185 East 281 Street, Atlanta, IN 46031 Add to Favorites
Subdivision: NA  
Excellent opportunity on this Hamilton County home just North of Noblesville! Features include updated windows and cabinets, main level master bedroom, large yard and large, extra deep two car garage!
3 Beds, 1 Bath Areas, 1672 SqFt
$39,900 (For Sale)
RE/MAX Ability Plus
370 East Morgan Street, Knightstown, IN 46148 370 East Morgan Street, Knightstown, IN 46148 Add to Favorites
Subdivision: Stewarts  
Corner lot with fenced in back yard. Attached garage and a detached garage. Enclosed front porch. Shade trees. 4 bedrooms. 1 bath.
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$34,900 (For Sale)
Property House GMAC
29441 North Duck Creek Avenue, Atlanta, IN 46031 29441 North Duck Creek Avenue, Atlanta, IN 46031 Add to Favorites
Subdivision: NA  
This Amazing Pool home is located in the desirable community of Field Crest Estates. Homes hardly ever come up for sale in this area, so don't miss this opportunity. You will love the View of the backyard from either the Pool or Spa from the rear Patio....
4 Beds, 2 Bath Areas, 1675 SqFt
$156,000 (For Sale)
The Wilmoth Group
1456 South State Road 3, Hartford City, IN 47348 1456 South State Road 3, Hartford City, IN 47348 Add to Favorites
Subdivision: NA  
Have you been looking for a fixer upper with style? This 3 bedroom 2 bath home offers a 2 car detached garage, covered patio and a huge front yard. Come and see it today! HUD Case#: 151-974247 UI. HUD homes are sold As-Is. Information deemed reliable but ...
3 Beds, 2 Bath Areas, 1792 SqFt
$47,000 (For Sale)
Golden Rule Realty, LLC
523 South H Street, Gas City, IN 46933 523 South H Street, Gas City, IN 46933 Add to Favorites
Subdivision: NA  
3 bedroom bungalow, 1 car detached garage, gravel driveway.
3 Beds, 1 Bath Areas, 988 SqFt
$22,900 (For Sale)
Property House GMAC
2723 Ralston Avenue, Indianapolis, IN 46218 2723 Ralston Avenue, Indianapolis, IN 46218 Add to Favorites
Subdivision: New Ralston Estates  
Great opportunity on this ranch style home. It offers approximately 1,092 square feet of living space with 3 bedrooms and 1 bathroom. Great open floor plan. Eat in kitchen. Built in 1961 this home may require some enhancements and upgrades but worth takin...
3 Beds, 1 Bath Areas, 1039 SqFt
$33,000 (For Sale)
Owners.com
118 Greenwood N Trail, Greenwood, IN 46142 118 Greenwood N Trail, Greenwood, IN 46142 Add to Favorites
Subdivision: Greenwood Trails  
 
2 Beds, 2 Bath Areas, 1088 SqFt
$34,900 (For Sale)
Keller Williams Indy Metro W
6460 Timber Leaf Lane, Indianapolis, IN 46236 6460 Timber Leaf Lane, Indianapolis, IN 46236 Add to Favorites
Subdivision: Timber Ridge  
This two story brick and vinyl siding home that needs some cosmetic repairs. Home has 4 bedrooms and 2.5 baths. Finished basement area. Home is being sold ASIS.
4 Beds, 3 Bath Areas, 3121 SqFt
$235,000 (For Sale)
The Virtual Realty Group
5283 West State Road 28, Frankfort, IN 46041 5283 West State Road 28, Frankfort, IN 46041 Add to Favorites
Subdivision: NA  
3-4 Bedroom Cape cod style home situated on a small hillcrest overlooking SR 28. Just a short distance outside of Frankfort and convenient to I65. Newer style oak kitchen cabinetry in a spacious area with an additional breakfast nook on one end, lined ...
4 Beds, 4 Bath Areas, 3838 SqFt
$108,000 (For Sale)
RE/MAX Real Estate Associates
9607 Gull Lake Drive, Indianapolis, IN 46239 9607 Gull Lake Drive, Indianapolis, IN 46239 Add to Favorites
Subdivision: Treyburn Lakes  
HUGE SPACE! Home is almost as good as new! Neutral interior throughout, three FULL bathrooms, game room up + 4 bedrooms. Office or 5th bedroom option on main level. Inside laundry room!
4 Beds, 4 Bath Areas, 3030 SqFt
$165,000 (For Sale)
Berkshire REO, LLC
958 Kitner Avenue, Avon, IN 46123 958 Kitner Avenue, Avon, IN 46123 Add to Favorites
Subdivision: Lakeland Farms  
Great opportunity on this spacious 2 story home with attached 2 car garage. It offers approximately 2,578 square feet of living space with 3 bedrooms and 2.1 bathrooms. Great open floor plan. Large eat in kitchen has ample cabinet and counter space. Built...
3 Beds, 3 Bath Areas, 2578 SqFt
$193,700 (For Sale)
Owners.com
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