When a home goes through foreclosure it is still in the process of finding all liens to include so that they can be in the foreclosure process to clear the title. And sometimes there are items that get missed so you definitely want to wait until it is listed in the "Sheriff Sale" before you buy. The Sheriff sale Issued deed is supposed to clear it from any and all previous liens. The Sheriff sale is what the bank initiates to have the property deeded back to them for the bank to then have ownership to resell the property. If you go to a Sheriff sale you will see an amount the bank sets as a minimum they would like to receive.. it looks as if the bank with the current defaulted loan is bidding on the property but they are NOT they are just setting their minium amount or listing the amount of Judgement deteremined with penalties and legal fees. They might still accept less at a Sheriff sale..but the Sheriff sale is not the most user friendly for folks without cash. In order for you to finance the home you will need to wait until it is listed with a real estate company. Even after the sheriff sale the home may not come onto the market for a few weeks while it is cleaned out and a fair market price is determined. If it was financed FHA then it will be listed with HUD. That typically takes longer because the bank that had the loan will first have it deeded back to them with a sheriff deed and then file the mortgage insurance claim with HUD, The HUD will not list the property until they have that remedied and then deeded to them.. sometimes 8-12 months after a sheriff sale...but typically I see the prices of these homes substantially lower than even the sheriff sale.
ALL reo properties (REO Mean "Real Estate Owned" for banks) are listed with local realtors. If you know a Realtor have them save a search for the specific address so when if first becomes available they can alert you. If you are interested in following the home's progress to sheriff sale got to http://www.civicnet.net
go to the sheriff link and to monthly properties link. You can obtain an "brief summary" list of all properties in "each" month's sale for Marion county for $4.09 if you want a full report it costs $13.00... again this is through Marion County they charge for their lists. They usually have sales the Third Wednesday of each month. Usually they have 500-800 properties in every sale. In Hancock county you can go on their website and look up properties directly without having to pay a fee. I hope this helps. Thanks, Jackie
Jackie Lovell, Artisan Realtors, 5610 E. Washington St. Indianapolis, IN 46219 (317) 332-7547