Indiana foreclosure listings are popping up all over the market, from South Bend, to Indianapolis, all the way down to Evansville. Why not take advantage of these under priced homes?
Foreclosure in Indiana has made for a unique market of homes available for sale to investors, but you need to know a few basics before jumping into the water.
If you as an investor or a house flipper are wanting to join the foreclosure real estate market, you should:
1. Locate Indiana foreclosure listings.
2. Decide if you have the funding to purchase the home outright, or decide if you need to have financing.
3. Try and beat the bank, if you have the funds up front. Consider contacting the family ahead of time to work out a deal to buy the house before the foreclosure actually happens.
4. Attend an Indiana foreclosure auction. Make sure that you have your cash or money ready, as 100% of the money is due by the end of the business day in the form of a certified check or money order.
5. Consider going through a realtor if you need to exercise standard financing options.
Action Steps
The best contacts and resources to help you get it done
Locate Indiana foreclosures
Conduct your search online or by phone.
I recommend: Look on the Internet through subscription sites, most of which offer free trial periods. Try
Indiana Foreclosure Listings,
RealtyTrac, or
ForeclosureFreeSearch. You can also call your county sheriff's department to find free Indiana foreclosure listings. Check out
Decatur County's current listings and
Vanderburgh County as two examples.
Let a picture say more than a thousand words
Take pictures of any Indiana foreclosure properties that you are interested in. Then return home to look up the property values in the neighborhood.
I recommend: Take pictures that will help you keep track of the most promising foreclosure properties. Then look up neighboring property values on sites such as
Realtor.com or by visiting your county assessor's website.
Contact your local realtor about Indiana foreclosures
If you don't have 100% of the money up front, call your local realtor office and tell them that you are looking for Indiana foreclosures or Indiana bank owned properties. They can point you in the right direction for homes that suit you whether you are looking to be the primary resident, use it for a rental property or flip the house and resell it.
I recommend: Standard financing options are available if you take this route for purchasing Indiana foreclosures.
Tips & Tactics
Helpful advice for making the most of this Guide
- If you are buying foreclosure Indiana property at an auction, it's purchased "as-is." Make sure that there are no back taxes on the property, and make sure that there are no existing liens on the property. They won't tell you or they may not know at the auction. Many foreclosure Indiana listings may have previous
electric or water bills that have to be paid by the new owner.
- Take your property photographs with you to the auction. In large counties, and at large auctions, it's very common for 75 to 100 auctions to take place in a 15 to 30 minute period. It can easily become confusing if you don't remember which house or houses you're interested in.
- If you go the realtor route, visit the available homes with your realtor. On those visits, look for large cracks in drywall or plaster, sagging floors, uneven floors, large cracks in the ceiling and mold. These should be major red flags.
- If you purchase a foreclosure in Indiana home through a realtor, always obtain an inspection.
- Don't be shocked at the cosmetic issues (smell or sight) when you first walk into Indiana house foreclosures. Consider it an ugly duckling, and take into account that the worse it looks, the cheaper you can buy it for.
The official source of Indiana Foreclosure Listings is
the Indiana Foreclosure Listings page at Business.com
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