We Buy Houses for Cash in South Dakota

South Dakota keeps its real estate transfer fee simple, a flat 50 cents for every $500 of value, but the disclosure law and the foreclosure process both have more moving parts than that fee suggests. Most South Dakota foreclosures never see a judge, since lenders can foreclose by advertisement under a power of sale, and the owner typically gets a full year afterward to redeem the property. Whether you own a home in Sioux Falls, Rapid City, or a small town further out on the prairie, those same rules apply. Swifty Home Buyers makes cash offers on South Dakota homes as they are, with no agent commission and no repair list, closing on the date that works for you. Here is how the South Dakota specifics work.

We buy houses in all 50 states. This guide covers the rules that matter in South Dakota.

South Dakota's real estate transfer fee, SDCL 43-4-21, is imposed at the rate of 50 cents for each $500 of value or fraction thereof, and the statute says plainly that the grantor, the seller, pays it. On a $250,000 sale that comes to $250. SDCL 43-4-22 exempts a long list of transfers from the fee, including any deed recorded before July 1, 1968, transfers to or from the United States, South Dakota, or a political subdivision, deeds that only secure or release a debt, deeds between husband and wife or parent and child for nominal consideration, sheriff's deeds and other deeds from tax delinquency or foreclosure proceedings, transfers by decree of divorce or separate maintenance, and any deed given as an absolute gift without consideration. The fee is collected by the register of deeds in the county where the property sits when the deed is presented for recording. Beyond that fee, a traditional sale carries a negotiable agent commission, which is usually the largest line item, plus the mortgage payoff, prorated property taxes, and title or closing costs. There is no commission when you sell to Swifty, and we put every other cost in writing before you agree to anything.

Most South Dakota mortgages are foreclosed by advertisement rather than through a lawsuit, provided the mortgage itself contains a power of sale and is properly recorded. SDCL 21-48-6.1 requires the foreclosing creditor to serve a written copy of the notice of sale on the mortgagor and any affected lienholder at least 21 days before the sale date, on top of the newspaper publication the statute also requires. If a lender instead forecloses through the courts, deficiency judgments are possible against anyone obligated on the debt under SDCL 21-47-3, and the same redemption rules apply either way. Under SDCL 21-52-11, everyone entitled to redeem generally has one full year from the date of sale, with a narrower exception for certain 180-day redemption mortgages, and SDCL 21-52-7 gives the owner, or the owner's grantee or successor, a final right to redeem within 15 days after every other redemption right has expired. South Dakota Housing's HERO Network of HUD-approved counseling agencies is available statewide, including Lutheran Social Services in Sioux Falls at 605-330-2700 and a Rapid City office at 605-348-4550. If you sell your house before the sale date, the proceeds pay off the debt and you keep whatever equity remains instead of waiting out a year-long redemption period.

• Sell as-is
• Inherited house
• Foreclosure
• Tenants or rental property

Minnehaha County Sheriff's Sales

In Minnehaha County, home to Sioux Falls, mortgage foreclosure sheriff's sales are normally conducted at 11 a.m. on Wednesdays in the first floor media room of the Law Enforcement Center, after the notice of sale has been published at least once a week for two successive weeks in a legal newspaper. Payment at the sale is accepted only as cash, cashier's checks, or official bank checks, and the buyer has until noon the next day to pay in full. The owner's right of redemption, most commonly 180 days under a short-term redemption mortgage, begins the day after the certificate of sale is recorded with the register of deeds. If your Sioux Falls-area home is scheduled for one of these Wednesday sales, a private sale that closes first can pay off the debt and keep the outcome in your hands.