Our wide range of North Dakota foreclosure listings offer a plethora of bargain opportunities, featuring the latest repo homes and North Dakota home foreclosures for sale. Now is a valuable time for any prospective homeowner on the market to purchase their dream home.
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North Dakota is situated in the northern region of North America, bordering on Canada and surrounded by states including South Dakota, Montana and Minnesota. The state's geography is structured into several regions, including the Red River Valley, which is situated in the eastern part of the state, containing a series of widespread flatlands used for the production of crops. The Drift Prairie is situated in the northern region, featuring large sweeping hills and an abundance of lakes. Another important area of the state is The Badlands, which is located in the south west part of the state. This area features a wide array of landmarks made of stone and clay. Overall, North Dakota houses many impressive and dominating monuments throughout the region.
Some of North Dakota's major cities include Fargo, which is the state's largest city, along with the state capital, Bismarck. Other important cities include Mandan (located in Morton County), Minot (Ward County), Grand Forks (Grand Forks County) and West Fargo (Cass County). Bismarck is well known as one of the most fruitful shopping districts, largely due to one of its major shopping centers, the Kirkwood Mall. Besides the city's lively atmosphere, the housing market indicates positive figures, providing ample opportunity for potential purchasers of North Dakota home foreclosures. Current median listing prices are sitting at $143,900, which is a decrease of 22.6 percent compared to the first quarter last year. Fargo displays similar statistics, with average prices ranging around $149,900, a drop of 6.3 percent compared to last year. These figures indicate consistent trends across the state, with North Dakota foreclosures following a similar path too.
North Dakota's economy thrives on its agricultural industry, with beef cattle generating the largest revenue of all. Other important products include hogs, meat, honey and wheat. The state is highly regarded for being an extremely resourceful producer of wheat throughout America. Coinciding with the state's highly productive agricultural industry, the processing of food is considered the most important sector in the manufacturing industry. Products such as pasta, bread, oils, potatoes, meat and sugar are among the most important and most common items to be sold. Along with the food processing sector, the production of computer parts and petroleum products also contribute a generous amount towards the growth of the economy.
All foreclosures in North Dakota must be pursued through the court system. North Dakota foreclosure law requires that the lender give the borrower (homeowner) notice of their intent to foreclose no less than 30 days before beginning foreclosure proceedings. If this time period expires, and the homeowner has not paid their default debt, the lender may file a suit in court (known as a Lis Pendens).
The court will then allow the homeowner a short time to pay what it assesses to be the debt owed to the lender. If the homeowner still fails to provide payment, the court can rule against them and put the property up for sale. The homeowner can halt the foreclosure process at any point up until the date of the sale by paying off the full amount of the default debt in addition to any interest gathered.
North Dakota foreclosure law calls for two months to pass after the initial ruling before the sale can occur. In addition, a Notice of Sale must run for a number of weeks in a local newspaper, the last publication occurring no more than ten days before the sale will take place.
The foreclosure sale is conducted by the county Sheriff, and run in the style of an auction. The winning bidder receives a Certificate of Sale once they have provided payment. Generally, the original homeowner is allowed one year in order to redeem full ownership by paying the full sale price of the property in addition to any other fees or costs. Some mortgages may stipulate that this period only last for six months. In either case, once the allotted redemption period has passed, the Sheriff transfers full ownership to the winning bidder in the form of a deed to the property.
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