Sherrif auction buying

[Angela Horning]

Hi all! I am looking to attend the milwaukee county sherrif auction and they provide a document from the circuit court the amount of money owed or foreclosure amount. Is this the amount I should expect the banks to bid? Also, I noticed on all the past sales it states the plaintiff (or lender) is the one who purchased the property. Are they going to try to outbid me? I do plan on going to watch a few auctions and do some more research before I attempt to buy anything. Looks like there’s sherrif sales every week or two. Thank you!

[Marcus Auerbach]

Quote from @Rebecca Knox:

@Marcus Auerbach

Do you happen to know what the redemption period is for the owner to pay off the debt owed after auction? Is it 10 days? 

I thought the redemption period is the time before the sherrif sale? Used to be 6-12 months, now 3-6 months. That's the time you have to put the house on the market and sell it to pay off your debt. Once that time has passed and the court approves the sheriffs sale there is no more redemption, but I think you could bid on your own house.

The sale at the auction is final, but I think you are buying it with all the liens and everything else that is still attached to the title, which makes this super dangerous if you don't know what you are doing. 

Forclosures are down to like 2% of what they used to be; everyone has so much equity that you can just sell the house. I looked up a few forclosures on the Milwaukee sheriff sale list and found a property that I actually know, we own on that street, owner has died and the reverse mortgage is so high (195k), plus the house has been neglected for decades (50-70k rehab) and it's worth maybe 250k all done. Will be interesting to follow what happens