South Bend is one of Northern Indiana’s fastest growing cities. Home to Notre Dame and five other area colleges. You will find South Bend a diverse cultural and entertainment city rich in history. If you are looking for foreclosed homes in South Bend, you will find a wide variety of homes to inspect in all different neighborhoods and price ranges and home styles, including South Bend’s hottest areas- Near Northwest, River Park, West Washington, Northeast, Rum Village, Lincoln Manor, LaSalle Area, Twychenham Hills and Edgewater. To give you an idea of average listing prices in these areas, homes in Near North West list at $47,000, River Park, $78,000, West Washington, $120,000, Northeast, $165,000, Rum Village, $48,000, Lincoln Manor, $58,000, LaSalle Area, $18,586, Twyckenham Hills, $264,000 and Edgewater $103,000. There are approximately 428 homes in pre-foreclosure as of the end of November 2010. To find foreclosed homes, you should work with an area Realtor who has a list of the best foreclosure bargains that they can access in the local MLS. Also, the Internet and local newspapers give you information about upcoming foreclosure auctions and sheriff’s sales.
You can find South Bend bank liquidation properties, sheriff sales, foreclosures and short sales, all offering buyers and investors terrific bargain prices as a result of the current housing market conditions. You cannot afford to miss out on some of the best bargains that South Bend has seen in a long time. Take some time and do your research until you find the right property. You may need to preview quite a few homes before you find the right one for you. Working with a local South Bend Realtor really makes sense when it comes to finding an REO or short sale. Sheriff’s sales and bank liquidation auctions typically do not involve Realtor as they don’t ordinarily pay a real estate commission. For experienced investors, bank liquidation auctions are good places to pick up a wholesale property. If you are a new investor or first time home buyer, you may want to stick with a safer and less risky type of foreclosure investment by purchasing an REO (real estate owned property). An REO gives you the opportunity to purchased a discounted property and obtain title insurance and conduct a home inspection. An auction property is usually sold at a deeper discount, but you have to pay off any existing liens, you cannot obtain title insurance and you have to evict any owners or tenants that might still be living at the property. If you are lucky to find a tax defaulted property at a sheriff’s sale, then you have the best of both worlds because tax defaulted properties can be purchased for the back taxes owed plus any costs and fees, giving you a property for pennies on the dollar. You will need cash to purchase most auction and tax defaulted properties.
With so many good investment opportunities on foreclosed homes in the South Bend and surrounding communities and with such great affordable prices, you have no reason not to purchase a South Bend foreclosed home right now.