Milwaukee Foreclosures

OK, because of this "buyer's market" there has been a lot of interest in foreclosure properties in Milwaukee.

Sometimes these are steals and sometimes you can expect to pay market value because of competition.

In order to know if a property is a "steal" you have to know the market! You also have to be familiar with the different types of foreclosure sales.

Sherriff's Auction: This is a court-ordered sale and comes with the most risk. The buyer gets a discounted price, but may be purchasing a property with numerous defects and an incumbered title with liens and judgements. Also, there may be a grace period which allows the foreclosed owner to buy back their property even if it has been auctioned. For experienced buyers only!

Bank (REO) Sale: The bank has taken back the property and listed it for sale on MLS or an in-house real estate division. The property is also sold "as-is", but the title is cleared for sale and the buy-back gracce period has expired. Often start at market value and quickly discounted.

Corporate Owned: See above. May also be a relocation property where the company has purchased the property from their employee in the relocation. They aren't as discounted as foreclosure, but can still be a good deal!

Short Sale: This is also known as "pre-foreclosure" and is not for the faint of heart. The seller needs to get the bank's approval to sell for less than what is owed on the property. Some banks are reasonable, some are not. Negotiations can be verbal only and can go on for months without even resulting in a sale. These properties often won't sell and go into foreclosure - only to be sold for much less than the short sale price. It requires much patience and time on the buyer's side. Read More >

In light of increaed interest, I have started a new feature on my website with foreclosed listings. Search the list or requet the Hot Market updates from here:
Milwaukee Foreclosures For Sale