Lenders in Wisconsin maintain the right to foreclose on properties to protect against losses in the event of mortgage default. Those seeking to buy these foreclosed properties can find them by searching through public foreclosure listings. The listings tell the public when and where the properties will be sold through a public auction. Buyers can purchase Wisconsin foreclosures by placing the highest bid at the various foreclosure sales held throughout the state of Wisconsin.
Contact the sheriff’s office in each county to get Wisconsin foreclosure listings. In this state, the lender files a judicial lawsuit to foreclose on homes and real estate. When the court approves a foreclosure, it orders the local sheriff to sell the property at a sheriff sale. The public must be provided with a notice of the sale by various means. Because there are many options for apprising the public, you need to contact each county’s sheriff’s office to get the local policy on Wisconsin foreclosure listings.
Look for the county or sheriff’s website first to see if there is a web page with local foreclosure notices. If not, you can at least get the address or phone number of the sheriff’s office so you can inquire about foreclosures. While it is best to get listings online, this is not a legal requirement. Sheriffs may post in various public places or a newspaper. But each office will generally at least have a list that can be purchased for a small fee.
Get the basic local policies for Wisconsin sheriff sales. Each sheriff’s office in the state typically sets a regular schedule for Wisconsin foreclosure auctions. There is also usually a local policy on how to bid on and buy properties. Determine if the local office accepts checks in lieu of cash. You also need to determine how much is due immediately or on the same day that you win a sale to buy Wisconsin foreclosures in that county.
Get the specific auction and foreclosed-property details from each listing. In addition to the time and place of the auction, of course you need the address of the foreclosed home and the amount due on the property. When deciding on whether to bid on foreclosed homes in Wisconsin, you should also estimate the fair market value so you can come up with a maximum bid.
Estimating the fair market value is a bit tricky. House prices do change over time, so you want to speak with real estate professionals if possible to calculate whether you can get a good deal when buying foreclosures. Once you have an idea of the fair market value of the foreclosed property, then come up with a maximum bid that is more than the amount still due (the bank is allowed to start the bidding with this amount).
Take the cash or other funds necessary to pay for a foreclosure in the county where you are bidding. Place your bids and buy Wisconsin foreclosures by placing the highest bid. Complete the sale with the sheriff or other officer conducting the foreclosure sale.
Get a sheriff’s deed after paying off the property bid. Whether buying a foreclosed home or any real estate in Wisconsin, always get a deed for proof of your purchase and ownership interest in the home or land. Take this Wisconsin property deed and file it in the real property recorder’s office in the county of the foreclosed property you bought at the Wisconsin sheriff’s sale.
Wisconsin Foreclosure Laws: Foreclosure.com