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South Dakota Foreclosures, Bank Owned real estate and Homes and mortgage Foreclosure Auction Listings in the state of South Dakota.
FORECLOSURES
Foreclosures in South Dakota. Bank owned homes, real estate auctions and foreclosure information. South Dakota enjoys a low cost of living, including relatively inexpensive housing. As of 2006, the median home sales price in South Dakota, at $152,000 was over $92,000 less than the national median home sales price. High housing affordability in South Dakota is the key reason why the state’s homeownership rate was well above the national rate. Median family income in South Dakota was only $3,000 lower than the national median, and the high income combined with low house prices means that a South Dakota family earning the state’s median income can afford to buy a home priced 86 percent higher than the state median price. The foreclosure rate in the state of South Dakota has been relatively steady over the past several years, but has increased lately.
South Dakota has a population of about 760,000 residents. The most populated cities where bank owned real estate and property auctions can be found include Sioux Falls, Rapid City, Aberdeen, Watertown, Brookings, Mitchell, Yankton, Huron, Vermillion, and the state capital, Pierre. Use the links and listings featured here on Mass Bank Owned to locate a bank owned homes in South Dakota.
SOUTH DAKOTA REAL ESTATE FORECLOSURES & BANK OWNED HOMES AND PROPERTIES
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Foreclosure is the legal proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property.

When the process is complete, it is said that the lender has foreclosed its mortgage or lien. There are unique legal factors to consider when buying bank owned property foreclosures, so be sure to consult with legal council prior to entering into agreements to purchase.

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Foreclosure and bank owned homes & mortgage auction info
Foreclosure Terms you should be familiar with:
Acceleration Clause - The clause in a mortgage or deed of trust that can be enforced to make the entire debt due immediately if the borrower defaults on an installment payment or other covenant.

Appreciation - The difference between the increased value of the property and the original value.

Bankruptcy - An action filed in a federal bankruptcy court that allows a creditor to reorganize or discharge credit obligations due to insolvency. A property owner may halt foreclosure action by filing bankruptcy. Bankruptcies remain on a credit record for seven years and can severely limit a person's ability to borrow.

Contingency - A specified condition that must be fulfilled before a contract becomes firm and binding.

Deed in lieu of foreclosure - A process whereby the owner, with the approval of the lender, deeds the property to the lender to avoid foreclosure. Lenders are generally reluctant to accept a "deed in lieu" unless the title is free and clear of any other encumbrances junior to theirs and the owners execute an estoppel affidavit acknowledging that they are acting volitionally, with informed consent.

Due Diligence - Such a measure of prudence, activity, or assiduity, as is properly to be expected from a reasonable and prudent man under the particular circumstance.

Equity Right of Redemption - The right to avoid foreclosure action by paying off the debts, interest, and fees that have accumulated on the property.

Fair Market Value - The amount at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the relevant facts.

Foreclosure - A legal procedure whereby property used as security for a debt is sold to satisfy the debt in the event of default in payment of the mortgage note or default of other terms in the mortgage document. The foreclosure procedure brings the rights of all parties to a conclusion and passes the title in the mortgaged property to either the holder of the mortgage or a third party who may purchase the realty at the foreclosure sale, free of all encumbrances affecting the property subsequent to the mortgage.

Hypothecate - When you use something as security and still retain possession of it.

Instrument  - A legal written document.

Judicial Foreclosure - A foreclosure process which is executed via a court action.

B Junior lien - A lien that is subordinate or junior to a senior lien.

Lis pendens - A term meaning "legal action pending" that gives notice of an action or proceeding affecting the title of the property.

Mechanic's lien - A claim created by state statutes for the purpose of securing priority of payment of the price or value of work performed and materials furnished in erecting or repairing a building or other structure, and as such, attaches to the land as well as buildings and improvements erected thereon.

Mortgage - An interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt.

Mortgagee - The entity, usually a bank or financial institution, who lends money to a borrower.

Mortgagor - The person who borrows the money from a lender to purchase a property.

Notice of Default (NOD) - A notice that is sent out by the lender when a mortgage payment is late in an attempt to cure or make the loan current.

Notice of Rescission - A legal document used when the defaulting party has cured or corrected the default.

Power of Sale - A clause commonly inserted in mortgages and deeds of trust that are in default, giving the mortgagee (or trustee) the right and power to advertise and sell the mortgaged property at public auction to satisfy the debt.

Pre-Foreclosure - Term used to discuss delinquent properties before they go to the foreclosure auction.

Quit Claim Deed - A deed of conveyance that releases any title, interest, or claim, which the grantor may have in the premises.

Real Estate Owned (REO) - Property acquired back by the lender after it has gone to auction.

Redemption Period - The time allotted to the mortgagor to reclaim his/her property after it has been sold at an auction. Not all states have a redemption period.

Second Mortgage - A second loan placed upon a property in addition to an existing first loan.

Sheriff's Sale - The sale of a property to satisfy a debt or judgment.

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