Hello BP World,
Can someone explain how the Milwaukee county sheriff action works? How do I find out the starting auctioning price? Will the house be actioned for the owed amount? Does anyone know or have any suggestions on how to get a guarantee mortgage? If no one bids what happens next? Would you suggest a newbie going to the action or just waiting till it goes REO?
Thanks for your time
If you're a newbie, I'd strongly suggest waiting until it goes to REO. Unless you've done all your homework, especially a comprehensive title search indicating no other liens, etc. And no, it's almost impossible to get a mortgage on auction properties.
Hi Tiffanie - I strongly suggest your have a good real estate attorney help you with this, to minimize risk. The minimum bid information is usually posted in the Sheriff's Office lobby. Be sure and purchase a title report before you bid and physically check out the property. You can also learn a lot from neighbors. You should definitely attend the auction for learning purposes. I have used hard money lenders for auction properties and then converted to mortgage. Best of luck to you!
The Oregon Sheriffs Department all the information you need on foreclosure property sales, proceedings, prevention, etc. online
Join the Largest Real Estate Investing Community
Basic membership is free, forever.