How to buy from a foreclosure auction? (Indianapolis)

Question

HI Folks,

Looking for advice on how to bid on and buy properties from a foreclosure auction as a remote investor. My markets are Indianapolis, IN and Abilene, TX. What is the best way to get involved?

I've seen sites like Auction.com, but I'm not sure how reliable bidding through an intermediary site would be. I would prefer to make bids right at the source. How can I do this remotely in Indianapolis? (I have boots on the ground to help me with due diligence.)

Thanks a lot,

Aaron

Account Closed · Answer

For foreclosure actions, you will need to be able to put the money down at the conclusion of auction. Also note you will likely not be able to visit the property and inspect its condition. Also, look into "Statutory Right of Redemption," where the original owner can still redeem the home up to a year after the auction (varies by state) by matching the bid and various other fees. In certain instances, your funds could essentially be frozen during this time.

Matt Stewart · Answer

I'm assuming Indy doesn't do online bidding and that's why you're asking.  If in person bidding is the only option then you have to find someone local to bid on your behalf.  Talk to some local realtors and negotiate a fee for their time to place your bids for you.  Check the sheriff's dept website for more info to make sure you've got all your i's dotted.

I've purchased several foreclosure properties through auction.com and other online auction sites.  It works much the same way as in person bidding.  Some of the auction sites will charge a buyer's premium so take that into consideration when setting your max bid.  Either way you do it, make sure you have your deposit ready because they will want it right away.