846.155 Eligible bidders at foreclosure sales; affidavit required for confirmation; penalties for false representation.

470 words·~2 min read·/wi/chapter-846/846-155-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Definitions. In this section:

(a)“Entity” means a person other than an individual.

(b)“Taxes” means general property taxes, as defined in s. 74.01

(1), special assessments, as defined in s. 74.01

(3), special charges, as defined in s. 74.01

(4), or special taxes, as defined in s. 74.01

(5).

(c)“Third-party bidder” means a person that intends to submit a bid at a sale of mortgaged premises and that is not any of the following:

1. A party in the foreclosure action.

2. An agent of a party in the foreclosure action.

3. An assignee of the plaintiff in the foreclosure action.

(2)Minimum bidder qualifications. No 3rd-party bidder may submit a bid at a sale of mortgaged premises unless the 3rd-party bidder meets all of the following qualifications:

(a)The 3rd-party bidder does not own an interest in property in this state against which taxes have been levied that are more than 120 days delinquent.

(b)The 3rd-party bidder is not directly or indirectly owned, managed, or controlled, in whole or in part, by a person that owns an interest in property in this state against which taxes have been levied that are more than 120 days delinquent.

(c)The 3rd-party bidder does not directly or indirectly own, manage, or control, in whole or in part, an entity that owns an interest in property in this state against which taxes have been levied that are more than 120 days delinquent.

(d)No judgment against the 3rd-party bidder related to a violation of a state or local building code with respect to property in this state has been rendered that is unsatisfied.

(e)No judgment against a person that directly or indirectly owns, manages, or controls, in whole or in part, the 3rd-party bidder related to a violation of a state or local building code with respect to property in this state has been rendered that is unsatisfied.

(f)No judgment against an entity directly or indirectly owned, managed, or controlled, in whole or in part, by the 3rd-party bidder related to a violation of a state or local building code with respect to property in this state has been rendered that is unsatisfied.

(g)In submitting a bid at the sale, the 3rd-party bidder is not acting on behalf of or as part of an agreement with a person that does not meet the qualifications described in pars.

(a)to

(f).

(3)Prebidding acknowledgments. Before allowing a 3rd-party bidder to submit a bid at a sale of mortgaged premises, the sheriff or referee may require the 3rd-party bidder to confirm any of the following:

(a)The 3rd-party bidder meets all of the qualifications described in sub.

(2).