Foreclosures. Are They Really a Bargain?

Unfortunately, foreclosures are pretty common in the Indianapolis, Indiana area as in most parts of the country. Marion County alone has over 500 properties listed as bank owned.  Just mentioning the word foreclosure to home buyers can bring out a series of mixed emotions. Some believe that foreclosures are trashed out money pits, but that is not always the case. Others think that they can steal a home if it’s been through foreclosure and owned by the bank.  Neither case is actually true in every situation. It is accurate that when listed bank owned homes are typically listed for less than market value. How much less depends on the home itself and the bank that owns it.

Before purchasing a bank owned home it is important to have the home inspected even if the bank states upfront that they are not going to make any repairs. It is smarter to pay a few hundred dollars now than to purchase the home only to find out it needs extensive repairs. A Realtor who has dealt with bank owned homes will be able to guide you through the necessary steps in purchasing any home. Your agent can also help you decide whether a foreclosure is something that is suitable for you and your family. If you are in the market to purchase any home and want the assistance of an experienced Realtor on your side contact msWoods Real Estate at (317) 578-3220.