In Indiana, a lender must go to court and initiate a judicial proceeding to foreclose on property. When the judge approves the request to sell a home, the sheriff then takes over the process of selling the foreclosed home. The sheriff gives public notice of Indiana foreclosures. This gives time to potential buyers to check out foreclosed homes in Indiana and decide whether to bid on them. Those who want to buy an Indiana foreclosure can then show up and participate in the sheriff sale.
Find Indiana foreclosures. Although the sheriff must post Indiana foreclosure listings in a county newspaper where foreclosed property is located, you may save time and money by just looking online. Typically, you may find foreclosure listings by first finding Indiana county websites and then the sheriff’s section of the website. Barring that (some smaller counties might not do this), you can call the sheriff and ask which newspaper they use to post foreclosure listings or what other options are available to get listings for foreclosures or sheriff sales.
If you are using newspapers, it is best to check daily at least one week out of every three weeks. The sheriff only has to publish a notice once a week for three weeks.
Use the listings you find to locate foreclosed homes in Indiana. Of course, you can also find out the time and place of the foreclosure auctions. The basic rule for Indiana foreclosures is that the sheriff may conduct foreclosure auctions between 10 a.m. and 4 p.m. on any day besides Sunday.
Check out any properties you think you might like to buy. At least visit the neighborhood and speak to neighbors to get an idea of the market value of homes in that area. Real estate professionals might also help you determine a price for the foreclosed property. You need this information to formulate a maximum bid on any Indiana foreclosures you decide you want to buy.
Contact the sheriff to get the procedure for participating in foreclosure auctions in that county. Sheriff’s offices may require you to register early and even make a refundable deposit. This prevents non-serious bidders from participating in the process.
Complete the purchase for any auctions you win by placing the highest bid. You should expect to have to pay the entire amount on the day you win and buy a foreclosed home in Indiana at a sheriff sale. Just remember to always check with the county sheriff’s office beforehand to get familiar with and abide by the local procedure.
Obtain a deed from the sheriff. File this deed with the recording office in the Indiana county where the foreclosed property is located. You need to file a deed to preserve your legal interest in the foreclosure.
Foreclosure.com: Indiana Foreclosure Law