Milwaukee Sheriff Sale

3 Replies

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

Tiffanie

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!

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