How to Buy Madison Foreclosures

Madison provides real estate buyers with a steady stream of foreclosures for possible bargains compared to homes on the open market. In Wisconsin, lenders file suit to foreclose. The judge can then order the local sheriff to sell foreclosed properties at auction. Individuals interested in bidding on and purchasing foreclosed homes in Madison should find foreclosures through the local sheriff and follow the bidding and buying procedures to acquire Madison foreclosures.

Step 1:

Open the “Posting Locations” page on the Dane County Sheriff’s Office website at Danedocs.countyofdane.com/webdocs/pdf/shrf/posting_locations.pdf. As the home of Madison, Dane County has multiple towns surrounding the Madison capital city. When you look at this list, you will see that Wisconsin sheriffs must post foreclosure notices in three public places. Using this list of posting sites, you can find Madison foreclosure listings and the listings for other towns in Dane County that fall under the sheriff’s jurisdiction.

Step 2:

Go by and check out the listings to see where the Madison foreclosed properties are located and when they will be auctioned off at a sheriff’s sale. If you have a limited budget for foreclosure purchases like most people, you can narrow down your choices by looking at the amount due on each property. This will be the minimum bid in most cases, as a Wisconsin lender can bid that amount to avoid losing even more money on a foreclosure.

Step 3:

You should preferably go by each address to visually inspect every Madison foreclosed home you are thinking about buying. While you have no inspection rights as far as entering the premises, you should at least check for red flags on the property and in the neighborhood that could adversely impact the fair market value of the property.

Madison foreclosures are sold on an “as is” basis, so you want to find out as much as you can about the property. Speak to neighbors or area real estate professionals to help you determine the fair market value. Use that figure to arrive at a maximum bid.

Step 4:

Prepare at least ten percent of your maximum bids for the sheriff sale. You must present cash or certified funds. You will then have some specified amount of time to pay the balance of the bid price. Complete the purchase of the Madison foreclosure by paying the bid price to the Dane County Sheriff.

Note: Sales start on Tuesdays at 10 in the morning. They take place at 115 W. Doty Street in Room 2002.

Step 5:

Obtain a Wisconsin property deed from the Dane County Sheriff. Take this deed and file it with the Dane County real property recording office. You must do this as soon as possible to protect your property interests in foreclosed homes in Madison that you buy at Dane County sheriff sales.

Sources:

Wisconsin Foreclosure Laws: Foreclosure.com