Indianapolis lenders can foreclose on properties when the home owner fails to pay the mortgage payments. The lender sues, and then the court orders the sheriff to sell the Indianapolis foreclosure at a public auction. The sheriff regularly compiles information such as foreclosure listings. Those seeking to buy foreclosed homes in Indianapolis need to find the foreclosures through the sheriff’s office. They can then show up at the foreclosure sale and bid to buy Indianapolis foreclosures.
Visit the Marion County Sheriff’s Department Civil Division page at Indy.gov/eGov/County/MCSD/About/Organization/Civil/Pages/home.aspx. Marion County is the home of Indianapolis. As such, the sheriff in this county maintains Indianapolis foreclosure listings. The sheriff actually sells these foreclosure listings on a monthly basis. You can call 317-327-2452 to get up-to-date information on these Indiana foreclosure sales. But you can also look around the website (see the “List” link) to find a link for buying the list online.
Note that you can also expect to see these foreclosure notices in an Indianapolis newspaper. If you have a prescription or a place to get a free paper, this may be a better option for finding foreclosed homes in Indianapolis.
Look at the listings to compile a list of Indianapolis foreclosed properties that you might wish to purchase. You can see the amount due, which will help you narrow down your choices.
Make sure you visit a property. You do not have a right to inspect an Indianapolis foreclosed property before the auction. However, you want to get some idea of its fair market value by discussing the issue with neighbors or a real estate professional skilled in real estate appraisal.
Visit the Marion County Sheriff’s Department to submit the maximum bid for your auction. You must deposit this full amount in certified funds from an Indiana banking institution. Cash is not accepted. After you bid, then you can get back any remaining amount after paying your foreclosure bid for a winning auction.
Get a deed from the Marion County Sheriff’s Department. When buying foreclosures or any real estate in Indianapolis, you must always obtain a property deed. This is the one thing that, when filed at the recording office, will let the public know of your ownership interest and protect it at the same time. Always file a deed as soon as possible to preserve your property rights.
Foreclosure.com: Foreclosure Laws in Indiana