The state of Wisconsin allows banks and other mortgage lenders to foreclose on and sell properties when the home owner defaults on the property’s mortgage loan. Milwaukee provides a great deal of opportunities to purchase one of these foreclosures. Buyers interested in bidding on Milwaukee foreclosures must first learn how to find these foreclosed properties. They can then prepare bidding money and bid to buy foreclosed homes in Milwaukee at foreclosure sales.
Step 1:
Contact the Milwaukee County Sheriff’s Office at 414-278-4907 to get Milwaukee foreclosure listings. In most states, foreclosure advertisements can be found in newspapers or at least posted in a local public place like the courthouse. The Wisconsin system is based on a judicial procedure. Lenders file suit to get a foreclosure sale order, but the lender or its trustee does not conduct the sale. In Wisconsin, the sheriff in the county where the foreclosure is located conducts foreclosure sales. Most of the foreclosures in Milwaukee County are in the city of Milwaukee, but there are also foreclosures in the smaller cities around the county. The sheriff can provide you with listings of all of these Milwaukee foreclosures.
Step 2:
While getting information on the foreclosure listings, you also need to find out the typical schedule (days of the week, times and places) for Milwaukee foreclosure auctions. The sheriff’s office sets its own policies since it is in charge of these foreclosure sales.
Step 3:
The actual listings will give you the specific time and date of an auction for a Milwaukee foreclosed property. Of course, you will also get the address of each foreclosed home or land in the listings. Now is when you need to do a little homework. In order to shoot for a good deal on Milwaukee foreclosed properties, you need to know a property’s fair market value so you can set a maximum bid lower than that amount. Other than driving by and possibly speaking to neighbors, you might even wish to partner up with an appraiser or real estate agent that can give you advice on property values in the various Milwaukee neighborhoods. However, keep in mind that you do not have a right to go on the property and inspect Milwaukee foreclosures.
Step 4:
Speak to the sheriff’s office about the procedure for bidding and buying properties at the Milwaukee County sheriff sales. Follow the procedure exactly. You may even wish to first attend one or two of these sheriff sales in Milwaukee so you can see how the process works in real life. Prepare any deposits and down payments necessary and make sure you have enough money to pay off any maximum bids that you have set.
Step 5:
Get a sheriff’s deed after completing your property payments. File this deed in the recording office in the same county where the Milwaukee foreclosure is located. If the foreclosure is actually in Milwaukee, then you would file with the register of deeds of Milwaukee County.
Sources:
Wisconsin Foreclosure Laws: Foreclosure.com
