How to Buy South Dakota Foreclosures

South Dakota sheriffs sell foreclosed properties throughout the year. The lender must first publish a legal notice of foreclosure auction to start the process. Buyers can find these foreclosure notices in the various South Dakota counties. After finding the foreclosed properties, buyers can then prepare for the sheriff sale and foreclosure auction. They can buy foreclosed homes in South Dakota by placing and submitting the money for the highest bid at the public foreclosure sale.

Step 1:

Use county newspapers or the sheriff’s office to find South Dakota foreclosure listings in each county. Because the sheriff conducts foreclosure sales at a sheriff’s sale in each South Dakota county, you should first see if the local sheriff provides ready access to foreclosure notices. This would be more efficient in any county that has more than one newspaper of general circulation. If there is only one such newspaper in an entire county, then of course you can just look at that newspaper daily to get all foreclosures for that county. The lender must advertise the foreclosure sale for four weeks.

You should first check to see if the sheriff has a website or if the county has a website with a section for the sheriff’s office. If you cannot find one, then call the sheriff or drop by if you live in that area.

Step 2:

Learn the bidding and payment procedures. You should first ask the sheriff’s office the rules for bidding on and paying for foreclosed homes in South Dakota for that particular county. For example, the sheriff may conduct sales on the same day of the week every week. You can plan your future schedule around that day. You then look to individual foreclosure notices to determine the exact date a particular foreclosed property is scheduled to be sold.

You should also find out how to pay. For example, you might have to pay cash only. Additionally, the timing of payments is important. You will either have to pay the full amount of your bid for a South Dakota foreclosure on the same day or a down payment on auction day and the rest by a certain deadline. Follow these policies exactly when preparing to buy foreclosed properties in South Dakota.

Step 3:

Visit any properties you are thinking of buying to get more information on the neighborhood, condition of the foreclosed property and the fair market value of the home or land. You need to come up with a maximum bid that is between the fair market value of the South Dakota foreclosure and the amount due on the property. While you do not have a right to inspect the property, speaking to area real estate agents and even neighbors around the property can help you estimate a market value and maximum bid.

Step 4:

Prepare the bidding funds according to the payment and bidding instructions from the sheriff’s office or foreclosure listings. Participate in the auction. When you buy a foreclosed home in South Dakota by winning an auction, obtain a certificate of sale from the sheriff after paying the full amount of the bid.

Step 5:

Wait until any redemption period is over and get a sheriff’s deed. A deed is a document that essentially shows you as the owner of the foreclosed property. Take this deed and file it with the register or deeds in the county where you purchased a South Dakota foreclosure.

Sources:

South Dakota Foreclosures Law: Foreclosure.com