Indianaolis HUD Homes update

September 10, 2010

On 9/10/2010 there were a total of 593 HUD Homes available with 127 of them having a list date of 9/10.  283 were listed with a price reduced below the HUD appraisal.

More locally, in the Indianapolis area (Zip codes beginning with 460, 461 and 462, there were a total of 216 listings.

  • 89 were listed at a reduced price from HUD’s appraisal
  • 38 have 4 or more bedrooms
  • 60 were built 2000 and later
  • Prices ranged from $6,750 to $180,000
  • There were 12 homes listed in Hamilton County
  • There were 17 homes listed in Hendricks County
  • There were 18 homes listed in Johnson County

If you would like a list of homes that meet your requirements, call 317-709-2537 which is my direct number.  This website is offered by a real estate broker who tries to find good values for his client.  It is not affiliated with any government agency.


Property Condition Reports

October 9, 2009

One advantage of HUD Homes over most bank-owned foreclosures is the property condition report.  HUD actually has somebody go through the home and create a 20+ page report disclosing defects that they are aware of.  However they do say that the report is not a warranty, but only for informational purposes.  The property condition report is a good start.  It can alert a potential buyer to problems.  But it is not a substitute for the buyer getting their own inspection done after HUD has accepted their bid.

First, with the buyers present for their own inspection, they know that the inspector will inspect the attic and the crawl space.  I have seen problems such as mold in a crawl space and fire damage in an attic that were missed in a property condition report.

Second, the buyer can get an inspection that is done with utilities turned on.  As an example, the person doing the property condition report will use a compressor to pressurize the water lines.  That will show some problems, but it could also miss some.  In one home that passed the pressure test, I observed a line that had frozen and busted.  It was probably located downstream of a valve that was turned off for the pressure test.  There is a drawback to depending on a report where the plumbing, electric and heating and air conditioning systems are not functioning.

Third, it is helpful to talk to the inspector rather than just read a report.  If there is an issue, the inspector might be able to give the owner an idea of how serious the problem is or how quickly it might need to be fixed.

Bottom line:  The property condition report is great, but not perfect.  One of the reasons I like showing HUD Homes over bank-owned foreclosures is the property condition report.  If you understand its limitations, it can be a great tool to help a buyer decide about a home.

Every week is different

October 7, 2009

One week there are few or no HUD Homes in a certain area.  The next week there might be 2 in the same neighborhood.  We know that certain areas or zip codes have many one week and few the following week.  It is important to keep track of the new HUD Homes every week.  They come out on Fridays, so mark it on your calendar to look every Friday or every weekend.  Then you don’t have to feel quite so rushed to make a decision.

Recently there were a half dozen in Avon, but the same week there was only one listing in all of Boone County.  Who knows, the following week, it might be the reverse.  So HUD Homes require patience.  You need to know what you are looking for and then patiently wait and be ready to pounce on it when it does show up.

With the first-time homebuyer tax credit set to expire at the end of November (will it be extended – who knows?) that should cause a decrease in demand from renters.  Traditionally cold weather months see fewer buyers out there looking and bidding on homes.

Whether you are looking for a HUD Home in Avon or Indianapolis or Noblesville or anywhere in Central Indiana, you can call Dan Rosenberger of the Real Estate Finders Team at Harvest Realty.  His direct number is 317-709-2537.

Opportunities in Indianapolis area HUD Homes

June 12, 2009

The month of June has brought many opportunities for buyers of Indianapolis area HUD Homes.  There are several homes built in the 1990’s and later with pretty amazing list prices.  One thing that is almost assured.  Most of these special values are going to sell quickly.  I doubt that the 10 year old home in Pike Township would last very long with a list price under $50,000.  Nor the 2 bedroom home built in 2003 priced at $40,000.  Same for the 5 year old 3 bedroom home in Lebanon under $110.  And the huge 6 bedroom home in Camby at $130?  Won’t be around long.

If you are a serious buyer, there are some serious values out there.  New listings come out weekly.  Serious buyers will take decisive action.  They will act like serious buyers.

HUD Homes - Indianapolis Area, Hamilton County and surrounding area

HUD Homes - Indianapolis Area, Hamilton County and surrounding area

They will get pre-qualified or pre-approved by their lender right from the start.  They will generally know what they are looking for.  And when they find it, they will act within the quick time frames established for HUD Homes.

I would like to match up some serious buyers with some serious values.  If you are ready to take action, please call my direct number at 317-709-2537.   Posted by Dan Rosenberger of the Real Estate Finders Team at Harvest Realty.

Updates via e-mail

May 26, 2009

There are two types of buyers of HUD Homes in Central Indiana:  Owner-occupants and investors.  Each of these types of buyers are handled differently within their system.  We have diminished the focus on previews.   You can look over some of the older previews in order to see the types of homes that are available.  But the reality is that each week dozens of new and reduced priced listings come on the market.  The most efficient use of everybody’s time is to track all of those listings and see which ones are a good match for you.

For the owner-occupants, new listings come on the market on Fridays.  There are ten days to accomplish several things, including viewing homes, getting mortgage pre-qualification, getting a money order for earnest money and filling out pages of forms.

For the investor, there are a few hours after successful bids are posted online from owner-occupants, to review the remaining homes and accomplish all of the above.  Obviously an investor is going to take care of some of these items ahead of time.  For investors, HUD’s Happy Hour normally occurs on Monday afternoons.

Whether you are a propective owner-occupant or investor, you want to receive information about homes on the market.  We will send e-mail updates to buyers who are committed to using us as their agent in the purchase of a home.  To get the process started, go to our Indianapolis area HUD Updates website.

Preview 4/10/09

April 10, 2009

I just looked over the new HUD listings. I will be previewing several this weekend, including one on east side Indianapolis built in 2004, with 3 br, 2.5 bath, about 1700 sq ft, listed for 62K.  Also a 1900 sq. ft home in Fishers, built 2003, 3 br, 2.5 bath for 100K.  Both of these homes are eligible for FHA financing with an extremely low down payment for owner-occupants.  Call me at 317-709-2537 if you are interested in information about these or other HUD Homes.

Country HUD Foreclosure Boone County Indiana

February 20, 2009

h902-772889This HUD foreclosure has a country flavor and a reduced price.  HUD’s appraisal on the home is $85,000.  It was listed on 2/20/09 for $60,000.  Owner occupant buyers get first priority on bidding until 3/1/09.

It is located in Boone County Indiana, north of Zionsville and Lebanon.  From US 421 in the Zionsville area, go north to SR 47.  Go west on SR 47 to house number 4685 E. SR 47, Lebanon.  For more information or to see this home call Dan Rosenberger at 317-709-2537.