Wisconsin foreclosures have been climbing steadily since 2005. The trend spawned foreclosed homes auctions conducted weekly and attended by homebuyers who are hoping to find houses at bargain prices.

At Douglas County Courthouse, weekly foreclosed homes auctions were quick and cordial events attended by bargain-hunting homebuyers.

According to Deputy Dan Lindberg, foreclosure auctions were also witnessed by bankers and lawyers.

People familiar with foreclosed homes auctions held at the Douglas County Courthouse said that a good buy deal is not that easy to find. Usually, minimum bid amounts are required for each foreclosure property. The minimum bid amounts include the principal, legal fees and interest rates owed

Attorney Steve Olson of Maki, Ledin, Bick and Olson noted that majority of properties in foreclosed homes auctions priced more than its true market value.

He added that in cases where foreclosed properties are auctioned, the banks will bid what is owed.

In foreclosed homes auctions, banks have the option to sell the homes themselves or negotiate with local real estate brokers about putting them on the list. Major banks usually hire asset companies, such as Century 21 Gilderman and Associates to sell the foreclosed homes.

Under the Wisconsin law, former owners of repo homes still have 10 days after the court confirmed the sale to purchase back the foreclosed properties.

Lindberg cautioned that buying foreclosed homes have its risks. He pointed out that foreclosure properties are auctioned on as-is basis and open house showings before the sale are not allowed.

He explained that potential homebuyers cannot inspect the foreclosed homes because most of the properties still own it.

Some of the common problems that homebuyers will encounter in foreclosed homes purchased in auctions are frozen pipes and busted pipes.

Foreclosures in the state are growing rapidly that some weeks, Sheriff Tom Dalbec signed more than 40 foreclosure sales.

According to data provided by the Director of State Courts Office, foreclosure filings in Douglas County Circuit Court rose by 12 percent in 2008 from 2007. However, the increase was lower than the average rise of 21 percent, statewide.

Out of the 206 filings made in Douglas County in 2008, 107 went into foreclosure proceedings, 75 were dismissed while two remained open.

The total number of foreclosure filings for the period ended March 11, 2009 was 49 and majority of them were filed by national mortgage lenders such as US Bank and Countrywide.