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Foreclosure in Wisconsin : Real Estate Advice

  • All189
  • Local Info10
  • Home Buying107
  • Home Selling25
  • Market Conditions7

Activity 102
Sun Jun 5, 2011
Patricia Jones answered:
You can find the lender by going to the court house and locating the Attorney for the address in question. From there they can give you the asset manager of the lender and try to get them to entertain an offer, If it is backed by a the VA FHA OR RURAL DEVELOPMENT there will be some red tape.

Hope this helps,,,,,

Patty Jones
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Fri May 13, 2011
Joekolb asked:
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Thu Mar 14, 2013
Michael Emery answered:
They might counter for less closing costs or they might take the offer.

If you use their title company there are less closing costs associated with the transaction or they might insist on you using their title company as part of a counter offer. Personally, I would prefer to use my own title company - but that is your choice. Just make sure you get an owners title policy in addition to a lenders policy - assuming you're taking out a mortgage

Your down payment is adequate. What closing date did you request? If it's far out, they might counter with a date that gets the property 'off the book's prior to the end of a month. So if you asked for a July 5th closing, they might counter with June 30th. Your agent should check with your lender to ensure they can make the closing date because if you miss a closing date they WILL charge you $100 - $150 a DAY for every day past closing (only if it's YOUR fault. If it's their fault you get no check).

Just remember, once your offer has been accepted your agent will need to send the earnest money check ASAP to their listing agent. And earnest money HAS to be in the form of a cashiers check or bank check. It can't be a personal check. Time is always of the essence in these transactions and if they accept your offer, be prepared to have ALL your documents signed and returned ASAP along with the earnest money. Otherwise they leave open the possibility of continuing to market the property and take new offers.
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Thu Apr 21, 2011
Tim Moore answered:
It would be totally up to the new owner, often it is the bank that foreclosed so I doubt they would allow it, but you could ask.
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Tue Aug 9, 2011
Debby Thompson answered:
I depends what type of loan you are getting. I would talk with your lender. Better be safe then sorry. You could take a picture if your lender can't go to the home for you.
Debby Homestead realty Inc
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Wed Mar 30, 2011
Duane Murphy answered:

The first thing that you have to understand about a sherrifs auction is that more than likely (probably a 99% chance) the very first bid will be from someone representing the bank or whatever asset firm may have the mortgage. This is occasionally also done by a lawyer that will have numerous parties that he is representing. Usually that first bid will be what the mortgager (bank) is owed. It could be a $20,000 pile of junk but if the mortgage that the bank was due is $50,000 that first bid is "usually" going to be $50,000. If you want to buy it at $50,001.00 they will be more than happy to let you "outbid" them. The crazy part about all of this is a year later or more, they might actually take the home that they bought for $50,000 that has sat empty the entire time and put it on the market for $20,000. This is the world of foreclosures, REO's and sheriffs sales. I can't give you any legal advice but buyer beware at a sheriffs auction. There may be more attached to that title than you know about or want. Occasionally you are also responsible for your own evictions.

Best of Luck!!
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Wed Mar 30, 2011
Closure Kleenup services asked:
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Tue Oct 9, 2012
Duane Murphy answered:
Your best bet is to advertise and talk to the listing agents that have your local foreclosure listings. Ofteen times they are responsible for hiring someone and getting quotes. Some of the larger REO's will hire thier own but mostly it is done by the agent who is going to get the listing. ... more
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Wed Mar 16, 2011
Troy Miller answered:

You will definitely want to seek the advice of an attorney for your question.

Please realize though you don't need to be here to sell. A local Realtor can take care of everything for you if you need to re-locate and you would not have the negative impace of a foreclosure. If you've got 10 years into your mortgage you should have adequate equity built up that you can offer the condo at a very competitive price to sell quickly...again with no hit to your credit.

Please let me know if you would like a market analysis prepared for your home which will not only show what similar properties have sold, but also time on market.
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Thu Nov 17, 2011
Dp2 answered:
You have a few options for extracting that info without showing your hand, and possibly without upping your offer needlessly. Instead of asking any of those questions directly, you could counter with terms that will prevent a bidding war before it starts, and will present a new offer price only if a neutral third-party verifies that at least one other compliant offer exists. ... more
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Wed Feb 23, 2011
Colleen Prostek answered:
It appears this property has gone to Sheriffs sale Jan. 2011 which means this home will eventually go on the market the process takes awhile so it could be months before you see a sign go up. I can email or call you when it comes on the market. Please feel free to call me anytime: Colleen Prostek CRS, GRI
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Mon Feb 7, 2011
Bob Tarantino answered:
There certainly could be. You will definetely want to talk to a tax advisor prior to agreeing to the terms of the short sales.
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Tue Feb 8, 2011
Ruth and Perry Mistry answered:
Actually, you bought at the beginning of the fall.

If you sell as a short sale , your credit gets hurt no options, unless you bought it a LLC or a C Corporation
or can find Lawyers that can help you .

Check out the blog:

Good luck.
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Wed Jan 12, 2011
Michael Emery answered:
Yes, you will most likely receive a 1099 in that situation. However the mortgage forgiveness debt relief act of 2007 will most likely ensure that you will not owe taxes on the amount shown on the 1099. Talk to a professional experienced in this law to ensure you will not owe taxes on the forgiven amount. See link to IRS site for additional information. ... more
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Fri Apr 8, 2011
Oscar & Judith Dominguez answered:
I would first tell you to get in touch with a local Realtor in your area then I would also tell you to look under the some of the banks websites they sometimes list their foreclosed inventory on their for buyers who are interested in them. I have attached the website HUD Homestore this is a site that list avialable HUD properties also take a look at and it list the homes foreclosed by Bank of America and Countrywide ... more
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Tue Nov 30, 2010
Brian French answered:
Need a little more information on this. Where are you seeing this term....maybe on the tax bill? Then this would represent the sale price (in thousands) multiplied by $3
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Wed Oct 6, 2010
Sulka asked:
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Sun Sep 19, 2010
Jen Burns answered:
Start watching the market wow so you are an educated buyer on what foreclosures are going for in your area of preference. Also, choose your Realtor now so you can build the relationship and they can help you watch the area you are interested in. Having worked in the foreclosure market for some time I can tell you that purchases requiring financing typically take at least 30 to 45 days to close. There can be delays, however a good Realtor can research which financial institution owns the property and can give you an idea if delays can be expected after your contract is accepted. Be ready to act fast if you find a foreclosure in good shape and in a good neighborhood. Often times the bank will price the property to entice multiple offers and a quick sale. Please let me know if I can be of further help. Thanks for the great question. ... more
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Mon Apr 1, 2013
Joanna Morris answered:
I am confused. If you are renting the house from the bank then you do not own the house. Also although I may not know a whole lot about bankruptcy, if you discharged the house in bk, do you still own it? ... more
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Thu Feb 20, 2014
Larry Story answered:

It really is a matter of the difference in debt to purchase price. If the difference is not to much then yes a deal could be worked out otherwise if you did not want to pursue a short sale then a deed in lieu is an option. I caution you though because a deed in lieu will affect your credit just like a short sale or any other such deal. Now if you could sell and pay the difference then you would not be affected. You might want to contact some agents in your area (maybe commercial agents) to find investors that are looking for rental properties. These days with the market the way it is a lot of investors would rather be in real estate then stocks. If you need some help finding an agent I can get you a referral through my national network. Just remember you need to interview several in order to find the agent that is the best fit for you.

Hope this helps,
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