Our wide range of North Dakota foreclosure listings offers a plethora of bargain opportunities, featuring the latest repo homes and North Dakota home foreclosures for sale. Now is a great time for any prospective homeowner on the market to find their dream home in North Dakota.
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North Dakota is situated in the northern region of North America, bordering on Canada and surrounded by 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 of the state and features large sweeping hills and an abundance of lakes. Another important area of the state is The Badlands, which is located in the southwest part of North Dakota This area features a wide array of natural formations made from stone and clay. Overall, North Dakota houses many impressive and dominating natural structures.
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 has the best source of shopping in all North Dakota, 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. The current median listing price of a Bismarck foreclosure sit at around $143,900, which is a decrease of 22.6 percent from last year’s first quarter. Fargo displays similar statistics, with average prices ranging around $149,900, a drop of 6.3 percent from last year. These figures indicate consistent trends across the state, with North Dakota foreclosures following a similar path too.
North Dakota's economy thrives due to its agricultural industry; in fact, the beef industry generates the largest revenue of all farming sectors in North Dakota. Other important products include hogs, meat, honey and wheat. The state is highly regarded is an important source of wheat for the nation’s people. Coinciding with the state's highly productive agricultural industry, the state’s food processing buisness is considered to be the most lucrative sector in North Dakota’s 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 this state’s 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) a notice of foreclosure intent 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 lawsuit in court against the borrower (known as a Lis Pendens).
The court will then allow the homeowner a short time to pay off what is 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.
A foreclosure sale is always 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 property deed.
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