If a home up for sheriff sale (in WI) has a $15,000 line of equity attached to the mortgage, is the NEW buyer responsible for paying it off?

Asked by Lauri, Madison, WI Tue Dec 17, 2013

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Seth Peterson, Agent, Madison, WI
Tue Dec 17, 2013
you would be responsible for all liens on the property. you can contact a title company and pay for a title search prior to the auction, so you know all the current liens prior to placing your bid.
0 votes
Is the $15,000 with the same lender as the primary lien? The primary lienholder will bid their payoff. Read up on "confirmation" and the length of time the foreclosed owner has to redeem. One more question: has this property been listed/offered for sale? It seems likely that the payoff(s) exceed actual market value.
Flag Thu Dec 19, 2013
Thank you. I have done that...and am assuming that the starting bid doesn't reflect the $15,000 EXTRA. Obviously, finding that 'surprise' with a title search is important and why they recommend doing the search in advance of the auction.
Flag Wed Dec 18, 2013
Eric Reusch, Agent, Fitchburg, WI
Tue Dec 17, 2013
Have your cash ready, 10% down day of sale, outbid the primary lien holder. Be ready to deal with any secondary liens have a good attorney on retainer and if you've done all your research In advance. You may own a property after the judge confirms the sale. Or hire a good agent and buy something already listed with a Realtor.
0 votes
LOL A good agent, like YOU, Eric?? :) How much time does the current owner in default (not a tenant) have to move out once the sale is final and all legal papers have been filed? Thanks. I thought I heard ten days.
Flag Wed Dec 18, 2013
Bill E, Home Owner, Madison, WI
Tue Dec 17, 2013
You sure have a lot of foreclosure questions. Based on the flurry of postings, I am going to guess you are already out of your depth but dreams of easy money flipping foreclosures still dance in your head.
0 votes
"dreams of easy money flipping foreclosures still dance in your head"

^Naw...I still prefer SUGAR PLUMS...lol
Flag Tue Dec 17, 2013
I own several properties through conventional methods...looking to purchase one I am very familiar with, but it is going up on the auction block. I have never gone that route and want to cover my bases and learn as much as I can. Thanks.
Flag Tue Dec 17, 2013
Judy Braund, Agent, Monona, WI
Tue Dec 17, 2013
If buying at a sheriff's sale, be sure to do your due diligence in verifying any liens against the property.this would be a good question to consult your attorney on.
I wish you good luck.
Jydy braund
0 votes
Thank you! :)
Flag Tue Dec 17, 2013
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