Lafayette, Indiana Foreclosures
Unfortunately there are times when homeowner's can't afford to make their mortgage payments. When these situations come up banks have to repossess the property and sell them as a foreclosure. Depending on how much the homeowner has paid toward the mortgage, sometimes banks can afford to resell the property well under market value.
A lot of times investors will purchase the home and have the opportunity to "flip" the home for a profit, or rent it out if the homeowner's association allows rental properties. Luckily for owner occupants most foreclosures have a grace period where they only allow owner occupant offers. If no offers are acceptable after that grace period then the bank allows investors to start bidding.
In 2017 there were 56 foreclosures in Lafayette, IN that sold. The prices ranged from $20,500 - $170,000. Some of these Lafayette foreclosures are move-in-ready and require little to no repairs. Of course some of them were in pretty rough shape and required a complete remodel. In most cases the amount of repairs don't come near the amount of profit the investor could make, especially in the seller's market Lafayette real estate is currently in.
It's important to do your research before investing in foreclosed properties. As an experienced real estate agent in Lafayette I always recommend having the home inspected. Even though banks will rarely (if ever) repair or give credits towards defects found in the inspection.
If you'd like to stay updated on current Lafayette foreclosures contact a real estate professional. Please share this information with anyone you know that is searching for Lafayette, IN homes for sale and happy house hunting from all of us at Parker Team Homes!
Kirby has lived in Indiana his whole life and has been an agent with Parker Team Homes since 2011. You can contact him directly at (765)421-1562.