Wisconsin Foreclosure Section | Foreclosures | Bank Owned | Short Sales | REO – Real Estate Owned | BPO – Brokers Price Opinion | Rent to Own | Land Contract


Foreclosures in Wisconsin, WI.

A foreclosure is basically when some one stops paying money to the bank the lien holder may have a court terminated the loan contract and take the real estate back. At this point a usually a home is considered foreclosed and is now bank owned also know as real estate owned – REO. Banks are not the only ones that can foreclose on your property; if you become delinquent on your taxes the county or local jurisdiction can force you into foreclosures normally via a sheriff’s sale. Then your home or property is then auctioned off to the highest bidder.

 

What is a Foreclosures and How to Find Them

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Landman Realty can also setup custom foreclosures and short sale mls searches for you if you want to be in a certain part of Wisconsin or are like for a specific type of property like a foreclosed home, land for sale or a bank owned condo.

 

Bank Foreclosures | REOs,- Real Estate Owned | BPO – Brokers Price Opinion

In general the process of a home foreclosure normally goes like this: A home owner loses their job or gets injured so they can’t work or keep up with their mortgage payments to the bank. So the bank starts calling the home owner asking where their money is. A lot of the time at this point the property owner will list their property with a realtor who does what is called a CMA – Comparative Market Analyst which basically compares similar active listings in the same area, the competition and similar sold listings in the same area, the successes on new market prices.

A lot of time the home owners, owe the bank/lender more then the current real estate market will bare so banks may grant a short sale. A short sale is simply were the bank is willing to take less money then the borrower owes. If the bank and the property owner do not agree on term or the home doesn’t sell as the payment are still pilling up the bank will start the foreclosure process.

 

Home Foreclosures & Bank Owned Real Estate

The bank / lender / mortgage company will not normally handle the property foreclosure they’ll outsource it to what is called a BPO company – Broker Price Opinion Company who then contacts a locate real estate agent to do the BPO which is just like a CMA – Comparative Market Analyst. This helps the lender and the BPO company understand what the local markets are doing and how fast they can move the property off their books. That way they are not accumulating more taxes, fees and possibly liens.

At this time the lender starts the foreclosure court proceeding and most likely will take back the property. As you can figure the home owners are not happy and sometimes trash the home by taking copper piping, fixtures, breaking windows, putting holes in walls and so on. Some bankers are actually paying home owners to leave and not damage the property. Field Guide to Foreclosures


Bank Foreclosures | REOs,- Real Estate Owned

Once the judge slams down the gavel, the home is officially foreclosed and the property is now bank owned also know as real estate owned – REO. The bank or BPO Company will hire a local real estate agent to sell the property usually the one who did the brokers price opinion in the first place. Lenders don’t want to own property and do not what the mounting taxes, fees, maintenance cost and so on so they will listed it for a lost some accepting offers as low as .25 cents on the dollar! And home foreclosures and foreclosed property is a hot item. But remember the previous home owners might have done a lot of damage to the property so Caveat emptor - BUYER BEWARE!!!

Wisconsin Foreclosure Section | Foreclosures | Bank Owned | Short Sales | REO – Real Estate Owned | BPO – Brokers Price Opinion | Rent to Own | Land Contract


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