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By Gail Winship, RiverTown Staff
On a recent Tuesday morning, St. Croix County Sheriff Dennis Hillstead stood in the courthouse hallway and began to speak.
No one was there to listen.
Still, Hillstead's job every Tuesday at 10 a.m. is to sell foreclosed property to any bidders who may appear. If no one shows up, he still has to proceed.
"Going once, going twice, three times... sold," Hillstead says. "Hearing no bids, the bidding is closed."
Occasional passersby glance at the scene, wondering what's going on.
Hillstead stands in the entry of the Government Center, removing each foreclosure notice that will be auctioned that day.
On any given Tuesday he is either among a throng of people or alone as he reads aloud the owners and addresses of each property.
Hillstead then reads the lowest bid, which he says is usually designated by the mortgage holder of the property, and asks for any bids.
While there is not a person in attendance this particular Tuesday morning, the sheriff said there were six people who showed up last week, but only one was a bidder.
"A few years ago people were buying properties at foreclosures and flipping them after fixing them up," Hillstead said, "but not now."
With the declining real estate market, few people are willing to take the risk and buy the foreclosed properties.
The properties most often go to the property's mortgage holder for the minimum bid listed.
The number of foreclosures has increased, according to Hillstead.
"In 1999 I probably conducted 30 sheriffs sales," Hillstead said. "In 2006 there were 188, in 2007 there were 369 and as of the first of June 2008 we had 295, an increase of 96 sales more than the same time frame last year."
Hillstead finds it disheartening to be selling so many foreclosed properties. Realizing that some perhaps are being sold because people made poor decisions, others because of illness, loss of jobs, or other reasons, Hillstead said, "whatever the reason for the sale, these are the end of a dream for these people."
All indicators are that these dreams will continue to die for awhile longer, according to Hillstead.
"I think we will probably see a continued increase for at least another year, then perhaps the new government regulations and programs to assist distressed homeowners will begin to have an impact on the foreclosures," Hillstead commented. "I think it goes back to an old rule of thumb that I heard one time that I have abided by -- your mortgage should not exceed 30 percent of your income."
You can still get a good deal, Hillstead said, but added that it's often hard to get in to see the foreclosed property as the mortgage holders often own the property and are anxious to enter the minimum bid on the property.
Hillstead cautioned that a lot of research must go into purchasing a foreclosed property.
He suggested checking with the register of deeds or asking neighbors around the home what they know about the property owners.
"You need to be very careful when purchasing a foreclosed property," Hillstead said. "You really have to do your homework."
Prospective buyers need to make sure there aren't second or third mortgages on the property, and they need to find out what condition the home is in, Hillstead warned.
There was a foreclosed property, Hillstead recalled, where the people moved out and turned off the heat, but left the water running.
"A neighbor saw water coming out of a second floor bathroom window," Hillstead said.
While the foreclosure auction business has slowed considerably in the past two years, Hillstead said there's always a market for a good value.
"There are still a lot of people moving into St. Croix County," Hillstead said.
Contact Gail Winship at gwinship@rivertowns.net or 715.246.6881.
Published 05:36 Aug-28-08
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