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How to buy a property at Sheriff sale?

  • March 09 - Milwaukee
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Answers (5)

Wisconsin Brokers get just enough training to know who they can and can't represent at auctions. Brokers and Real Estate Agents can only represent Buyers at State Licensed Auctions. Since Sheriff Sales don't use State licensed auctioneers, we cannot represent buyers. This also goes for online auctions. 

If your looking at auctions read the web site for Waukesha County Sheriff Sales. This will tell you some of the risks. 

State Licensed Auctioneers have a long list of disclosures to protect buyers to some extent. State contracts Real Estate Agents use also provide a layer of protection for buyers. Since auctions don't use State Real Estate forms, it is BUYER BEWARE. 

Some of the online real estate auction web sites are not licensed in Wisconsin. What this means is there is no protection for the buyer. Some of those sites use out of state firms which may or may not be licensed. Others use overseas firms. 

Be smart. DON'T LISTEN to any of those web sites claiming to be real estate get rich experts. DO contact an attorney before getting involved in any type of auction. Think of an attorney as a low cost insurance policy before you begin wiring thousands of dollars to who knows where. 

  • March 09
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Profile picture for Dunes ..
Most States/Counties nationwide have sites created for the public so they can find information concerning their sales, the process ect....

Example
For Milwaukee
Tax Deeds and Foreclosure Sales
View Milwaukee County information about tax deed sales and Sheriff foreclosure sales including list of properties.

Public Records are a great resource and Public Record Directories are a great tool...and free
Give it a look...Foreclosures and Tax Lien Sales resources in Wisconsin

Nationally....Foreclosures and Tax Lien Sales

Helpful Tool.....Free Public Records Search Directory

Good Luck
  • March 09
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http://county.milwaukee.gov/TaxDeedsAuctionsandS8301.htm Every county has there own process and procedure but most Sheriff Sales are handled in the same way. The above link is specific to your County but they don't seem to list a lot of details. Such as required deposit, bidding, post bid, etc. I have attached a link below to a county here in Ohio for informational purposes but you will want to talk to the Sheriffs Sale dept in your area for clarification. http://sheriff.summitoh.net/images/stories/PDFs/InfoSheet-PreSaleMortgageForeclosure.pdf Also, it doesn't have to be cash only sales, many counties do allow 30 days from winning an auction to obtain lender financing. Good luck.
  • March 09
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Retain an attorney.
  • March 09
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Profile picture for Outer Banks N C
The fact you are asking tells me you probably should be very cautious. Buying at auction is risky in a BIG WAY. You need cash, first of all, no loans. You really should do a title search and know if there are any more liens on the property than just the loan that is causing the foreclosure. Who over buys it also gets all liens and if some are not known you might end up owing more that you never knew about without the title search. Most homes these days are not worth what is owed on them so no one bids more than what is owed which is usually the banks opening offer. Why would someone bid more than it's worth? So the bank usually gets it and has to lose money when it sells. You are much better off waiting for the bank to decide to lose money and sell it once they own it and you can buy it then with a loan.
  • March 09
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