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357 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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5501 Breaburn Road, Bargersville, IN 46106 5501 Breaburn Road, Bargersville, IN 46106 Add to Favorites
Subdivision: Harvest Glen  
WOW! If you are looking for a home with lots of space and in a great location - this is the one for you! Amazing, move-in ready 4 bedroom 2.5 bath home available now in Center Grove. Located in popular Harvest Grove, home features a formal living room,...
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1212 South 8th Street, Terre Haute, IN 47802 1212 South 8th Street, Terre Haute, IN 47802 Add to Favorites
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J S Ruiz Realty, Inc.
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Subdivision: Neermans  
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Subdivision: Carlton Addition  
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Starr Real Estate, Inc.
652 West 250 S, Greensburg, IN 47240 652 West 250 S, Greensburg, IN 47240 Add to Favorites
Subdivision: NA  
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Coldwell Banker Crowe-Kissel
9345 East 82nd Street, Indianapolis, IN 46256 9345 East 82nd Street, Indianapolis, IN 46256 Add to Favorites
Subdivision: NA  
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Litz Real Estate
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Infinity Realty Inc.
5744 North Vinton Hills Drive, Fairland, IN 46126 5744 North Vinton Hills Drive, Fairland, IN 46126 Add to Favorites
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Home2Heart Real Estate,LLC
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Wonderful opportunity to call this Cape Cod home yours. Conveniently close to shopping, restaurants and interstate access. Located on a large mature lot with covered deck, mini barn, greenhouse and 2 car attached garage. The interior of this 4 bedroom, 1....
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Keller Williams Indy Metro W
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Subdivision: Mansfield  
Just watch your portfolio soar in value with this great Investment Opportunity! Tri-Plex with so much potential and in a very nice location! The kitchen and baths are updated for you and the 3rd unit has a laundry room and partial basement! UPDATED NEWER ...
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RE/MAX At The Crossing
1039 North 600 E, Elwood, IN 46036 1039 North 600 E, Elwood, IN 46036 Add to Favorites
Subdivision: NA  
This home includes 1548 sq. ft, 3 bedrooms, 2 baths, and is situated on 2.116 acres in a nice country setting. 2-car detached garage and spacious yard are included, also. To be SOLD AS IS.
3 Beds, 2 Bath Areas, 1548 SqFt
$49,900 (For Sale)
RE/MAX Performance
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