Indianapolis is the home of the Colts and the Pacers, the NCAA Final Four Basketball Tournament and the Indianapolis 500 race. There are numerous cultural events and festivals that attract local residents as well as people from all over the nation and the world. There is a demand for rental properties and good affordable housing. Purchasing Indianapolis liquidation properties at bargain prices and turning them into rental properties is just one of the many ways that investors and buyers are finding their pots of gold.
Indianapolis offers investors opportunities in pre-foreclosures, REO’s and foreclosure auctions. In fact, currently there are 4,833 properties in some stage of foreclosure and 448 sheriff auction sales in Indianapolis right now. You can also purchase foreclosure properties at on line auctions. Currently there are four properties available. To find out information about the sheriff auctions, visit the sheriff’s website or call their office. For on line auctions, just Google on line Indianapolis auction sales and follow the instructions on the website for registration and bidding. You can also check the local newspapers for auction information.
For those investors/buyers looking to purchase REO bank owned properties, you will find 297 of such properties and 21 government owned foreclosure houses waiting for you. Resale properties are abundant as well with 2,795 properties offered through the MLS. The volume of sales the last three months totals 615 sold properties. The median sales price for the period November 10, 2010 through January 11, 2011 was $80,000. Average list prices for the week ending February 16, 2011 were $152, 176. Hot neighborhoods include Irvington and Devington, with average list prices of $105,798 and $71,024.
The Indiana Association of Realtors reported that sales statewide were up 2.9% for January 2011 compared to a year ago. For Indianapolis and Marion County, the median sales price in January 2011 was $87,900 up 13.4% from $77,500 in January 2010. That’s good news for Indianapolis. Prices are still low and there is an abundance of homes available in all neighborhoods and prices ranges. Interest rates are also still low enough as well even though they are expected to keep rising during 2011.
Consumer confidence is up right now. People are spending money and banks have plenty of money to lend. If you are in the market for an Indianapolis liquidated home, you should start by looking in the county records and checking the default notices. These are properties that are heading towards foreclosure, and you can negotiate directly with the seller. If the seller is upside down, then you can negotiate a short sale with their bank. Also look for scheduled sheriff sales where you can bid at the auction and pick up a cheap home. Auctions are risky though because there may be liens that need to be paid and the homes may need major repairs. Also, you are responsible for evicting any owners or tenants still living at the property. Just do your due diligence. REO’s offer you less risk because they are bank owned and have clear title. Be sure to conduct your inspections on auction and REO’s because the homes are sold as is, and you don’t want to find out later that you are facing major repairs or structural damage. Both REO’s and auction foreclosure properties are sold at substantial discounted prices. Don’t let these opportunities get away. Conditions could not be better to purchase Indianapolis liquidated properties.
