Buyers/investors are finding seized property in South Dakota in all neighborhoods and price ranges. Foreclosed homes are listed with local Realtors in the area MLS and also can be found by looking for signs in the neighborhood or checking various Internet websites and newspapers. Government foreclosures can also be found on government websites such as HUD and the VA, and in the local MLS.
South Dakota Foreclosures
In South Dakota, foreclosures are conducted either through a non-judicial foreclosure Trustee sale process or a judicial foreclosure process. It depends on whether the mortgage has a power of sale clause allowing a private trustee sale. If it does, then the lender does not have to go to court or get court approval. The foreclosure process takes awhile before seized properties are listed for sale or sold at foreclosure auctions. However, there are so many properties currently on the market, that there is plenty of good quality foreclosed properties to choose from.
While, a typical foreclosure process should take about 90 days, it is taking much longer. Lenders are so busy with mortgage modifications, refinances and a backlog of foreclosure inventory, that it is taking as long as a year for homes to go to foreclosure and either be offered for sale at property auctions or listed with Realtors in the MLS. If there is a particular property that you are interested in, you will need to track it closely to see what stage of foreclosure it is at.
Lenders now have a shadow inventory of foreclosed houses that they are holding because they have not been able to complete their foreclosure process as a result of court delays, shortage of personnel and other reasons. So in actuality, the numbers of foreclosure listings available in South Dakota are much higher than what is published in the MLS and other website statistics.
South Dakota Hot Investment Spot
Sioux Falls, SD ranked #9 out of 10 in hottest new foreclosure spots according CNN Money Magazine’s report in 2009. Relocation America voted Sioux Falls one of the top 100 cities to relocate to in 2009 as well. Here are just some of the many reasons why you should invest in South Dakota’s lucrative real estate market now:
- Favorable financing conditions. Interest rates have remained low.
- Reputable home builders.
- Experienced Realtors who can help you find the right property.
- City planning commissions ensure city growth with well planned, safe and convenient living.
- South Dakota residents pay no personal income tax, no personal property tax and no inheritance tax. That ends up to quite a bit of extra cash to reinvest in real estate.
- South Dakota offers residents and visitors beautiful lakes, walking and horseback riding trails and hills, parks which offer abundant outdoor recreational activities in the Black hills and elsewhere for hunting, fishing, swimming, boating, golf, skiing, and snowmobiling.
With so much to offer, South Dakota is a great place to invest in seized property.