I would agree with most and say that it depends on your motivations, how long you plan on staying in your home, etc. But, for some non-biased advice, if you check out Money Magazine in April 2009 issue (this month), you'll find what the predicted housing trends are. According to Money, the Indianapolis housing market is only expected to go down about 0.2% (and that will occur in the next 6 months). Many of the listed cities aren't supposed to make a comeback for a couple years still. So, if the motivation and timing is right, it sounds like the market here would also have your back. I wish you the best.... more
Even though no one has lived in it for a year, we can't assume its foreclosed on! First steps first, check with the assessor's office and find out who the owner is. Taking it a step further, I would check with the treasurer and see if any back taxes are owed, and who the tax bills are going to (along with an address). Also check with the sheriff's sales and see if the home is on the list to be auctioned that month or the annual treasurer's tax sale.
Signs this house is getting foreclosed on--->Has anyone stopped by to serve papers and leave them taped to the door? Tell-tale signs the home is getting foreclosed and will be on the market soon---do people drive by and take pictures and leave? Colorful stickers will be placed on windows and doors either proclaiming this house was found vacant or has been winterized.
Also remember, loans get sold back and forth so much, that it is hard to find out what bank owns the note. Most of the time, the mortgage is under a name of a company, trust, or asset management firm. It is very hard to deal with a "bank" directly on buying a home that has been foreclosed. Banks and asset management companies do not want to keep any homes longer than they have to. They want to liquidate and get rid of their newly acquired properties, too, so I am sure that if the home already went to sheriff's sale, it will be listed soon.
Hope this helps!
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