Foreclosure
Where do the
sales take
place?
ANSWER:
The foreclosure sales take place at the courthouse of
the county where the property is located. Every courthouse has a
designated place where the sales are held. If you are unsure of the
sale location at the courthouse, inquire at the Clerk of Court’s
office. The sale date and time are available on the Notice of
Sale found in the Special Proceedings file in the office of the Clerk of
Court. The Notice of Sale is also posted on the bulletin board in
the courthouse. Sales can be held between 10:00 a.m. and 4:00 p.m. on
any weekday that is not considered a legal public holiday.
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If I am the high Bidder, how much money do I need to put down?
ANSWER:
A deposit of five percent of the amount of the bid, or seven hundred fifty dollars
whichever is greater, is required and must be tendered in the form
of certified funds at the time of the sale. The certified check
should be made payable to “Smith Debnam Narron Drake Saintsing & Myers”.
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What is the upset bid period?
ANSWER:
North Carolina law provides that a foreclosure sale is not completed until expiration of the 10 day upset bid period. During this period, an upset bid may be placed on the property with the Clerk of Court. The upset bid must be at least five percent greater than the previous high bid. You will be required to pay a deposit to the Clerk of Court at the time you file an upset bid. The amount of the deposit is five percent of the new upset bid, or seven hundred fifty dollars, whichever is greater. The deposit for an upset bid needs to be made payable to the Clerk of Court of the respective county. Once an upset bid has been filed, another 10 day upset bid period begins.
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Can you tell me what liens are against the property?
ANSWER:
No. We are unable to provide any information regarding the status of the title to the property being sold. If you have such questions, you should seek legal counsel.
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Am I allowed to access the property to determine if I would like to bid?
ANSWER:
We have no means to allow access to the property being sold.
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If I am the high bidder, what happens next?
ANSWER:
Following the expiration of the 10 day upset bid period, the full balance of the bid amount will become immediately due and payable. The winning bidder will have 10 days to pay the funds to our office. After the funds are received, we will deliver a deed to the property. If you have a closing attorney, please provide his/her name to us and we will coordinate the closing with your attorney.
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