Who this guide is from: Mortgage Forfeiture is Roger Choate's local direct home-buying business serving Southern Indiana and the Louisville metro. Informational guides are general education; legal, tax, lending, and court decisions should be reviewed with the appropriate licensed professional.
An empty house still produces bills, and generic national averages are a poor substitute for the property's actual records. This worksheet helps Indiana owners calculate their own monthly and one-time costs before deciding whether to keep, rent, list, or sell.
1. Confirm Insurance Coverage
Do not assume a standard homeowners policy provides the same coverage after a property becomes vacant or unoccupied. Definitions, exclusions, notice duties, and permitted vacancy periods vary by policy and carrier. Call the insurer, describe the occupancy accurately, and request any coverage change or vacancy endorsement in writing.
2. Record Taxes, Assessments, and Mortgage Charges
Use the current county tax statement, mortgage statement, and association statement. Separate recurring property tax and assessment amounts from delinquency penalties, escrow shortages, interest, and legal expenses. Indiana's Department of Local Government Finance explains the parts of a property-tax bill.
3. Keep Necessary Utilities Active
Water, electric, gas, heating, alarm, and internet needs depend on the property, season, insurer, and maintenance plan. Turning everything off can create freeze, moisture, sump-pump, security, or inspection problems. Use the recent bills and ask qualified tradespeople what the building requires.
4. Add Maintenance, Security, and Travel
Include mowing, snow or storm response, pest control, mail checks, lock changes, alarm monitoring, fuel, mileage, and the value of time spent visiting the property. Use actual invoices or written quotes rather than a broad online range.
5. Inspect for Damage That Grows While Unnoticed
Leaks, failed HVAC, frozen plumbing, pests, vandalism, and moisture can worsen between visits. An empty property may need more frequent inspection than an occupied one. Follow the insurance policy and local rules, and use licensed contractors for unsafe electrical, gas, structural, mold, or roof conditions.
6. Check Local Code and Tax-Sale Notices
Unsafe-building enforcement and tax-sale deadlines depend on the facts and the official notice. Indiana's unsafe-building framework appears in Indiana Code Chapter 36-7-9. Tax-sale redemption periods vary by sale type and statutory category; do not assume every vacant property has the same deadline. Contact the county auditor or treasurer named in the notice and ask an Indiana attorney to review a time-sensitive matter.
Your Vacant-Property Worksheet
- Mortgage payment and escrow: ______
- Insurance or vacancy endorsement: ______
- Property tax and assessments: ______
- Utilities and monitoring: ______
- Lawn, snow, pest, and routine maintenance: ______
- Travel or property-management expense: ______
- Total monthly holding cost: ______
Then list one-time work separately: cleanout, repairs, title or estate work, legal fees, code compliance, and sale preparation. Do not mix those items into a monthly number unless you clearly state how they were allocated.
Compare Four Paths Using the Same Assumptions
- Keep: projected holding cost, repair plan, intended use, and available cash reserve.
- Rent: make-ready expense, landlord obligations, vacancy allowance, management, and realistic rent.
- List: preparation, expected marketing time, negotiated commission, concessions, inspection risk, and estimated settlement statement.
- Direct sale: written offer terms, title and payoff work, excluded items, closing conditions, and estimated settlement statement.
A direct sale may avoid repair work and an agent commission charged by Mortgage Forfeiture, but it does not erase liens, taxes, mortgage payoff, prorations, estate costs, or title requirements. A title company should show the estimated seller proceeds before signing.
Who This Guide Is From
Mortgage Forfeiture is Roger Choate's local direct-buying business serving its Southern Indiana and Louisville-area operating footprint. Roger can inspect an empty property and prepare a written offer when the ownership and title information support one. The best choice depends on the owner's actual costs, goals, and alternatives.
Related Resources
Want to Compare a Direct Sale With Your Other Options?
Ask Roger to review the property and explain the written direct-sale option. Mortgage Forfeiture charges no company fee or agent commission; title, lien, tax, and payoff items still appear on the settlement statement.
Call (502) 528-7273 or Get Your Cash Offer