We are foreclosing on a home on 705 Randolph St. in Mishicot WI this coming week and I'm located in WA. Can anyone let me know the process for payment requirements for the winning bidder for this area? Each state has different methods, like NJ requires no deposit and 30 days to pay, whereas WA requires immediate payment the day of the auction by certified funds.
Any info is appreciated.
In Wisconsin my understanding is that the terms regarding payment and deposit, etc are all outlined in the Notice of Sheriff Sale. Wisconsin doesn't have regulations on the books about timelines for those items. Its all up to individual counties and sheriffs. A % deposit is required according to Notice. The auction result then has to go through the court system for confirmation. Once it's confirmed the winner then has to pay the remainder of the price and the sheriff likes to close within 30 days of receiving the deposit.
Hope this helps.
Are you foreclosing or are you planning to buy as a 3rd party? If you are foreclosing you must discuss this with your foreclosure Attorney.
If you are the buyer, Generally 10% is due in the form of Cash, Cashiers Check, or Certified Funds at the time of Sale (cant run to the bank after the sale and get the money, its gota be on your person) the balance is generally due within 10 days of the confirmation of sale hearing, at which time the clerk of courts will also need a check for the transfer fee and the recording fee to record the deed at the Register of Deeds Office.
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