Dane County Real Estate Foreclosures

The headlines are hard to ignore these days. Real estate foreclosures are at an all-time high.  If you have the means, considering purchasing distressed or foreclosure real estate in Madison and Dane County would be a wise choice.  This website is a great place to start your property search, but there are a few things you need to know before you decide to begin the process of purchasing distressed real estate in Madison and Dane County. Read over these important state-run rules of the process and fill out the form below to receive info on specific properties in Madison and Dane County.

Distressed Property - Essentially, the owner tries to sell at a good price before the bank forecloses.  This can also imply that the owner of the property purchased the real estate at a higher price than the real estate is listed for sale.

The Redemption Period – This is the time frame most people are familiar with when thinking about foreclosure properties.  The bank has court ordered their claim to repossess a property for loan defaults.   In The State of Wisconsin, the seller has a 45-60 day redemption period to make good on their dept.  If the debt due does not get paid, the county will auction off the real estate.  The following rules apply in Wisconsin to purchase property during seller’s redemption period.

  • Buyer needs to be present at the county courthouse on day of public auction.
  • Buyer needs cash or certified funds on the spot, in full, at time of auction.
  • Dane County does not have many foreclosures that make it to auction, but there are a few.
  • If you find it in a foreclosure-specific search, the real estate is within the owner’s 45-60 period for redemption.

Foreclosed / Bank Owned – The owner has lost possession and nobody bought the real estate during the foreclosure auction. The bank now owns the property and will likely sell it to pay off the debt on the property.  Sometimes the bank will sell the property at a good price as a short sale to reclaim the debt as quickly as possible.

Short Sale – A short sale is when a seller/bank accepts an offer for the real estate that is less than the amount of debt owed. Often, taking a smaller loss on the sale is better than the consequences of a full loan loss. This sometimes happens when a seller knows they are in trouble, but typically short sales occur after the bank repossesses the property. 

If you have questions about the foreclosure buying process, or would like some properties in Madison and Dane County under foreclosure, fill out the following form and I will send you listings and available foreclosure properties in Dane County.

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Thanks for contacting me with your real estate and foreclosure interests. I will be in touch with you regarding your inquiry very soon.