Foreclosure Auction North Carolina
I went down to the courth house to watch the auction of foreclosure properties. My question is that if you bid on a property do you have to pay back any liens against it? How do you find out this information before the auction? I am guessing that a title search should show this information. Do you do title searches from the deed department or is it a different department? How long do you have to get a loan and close on the property?
Just bought my first at the courthouse recently. You can search the deeds at the register of deeds office, but that doesn't always tell you everything.
On the property I bought I found a prior lien that was a Second that I am almost certain was paid by the first(judging by the loan amount) that was foreclosing on the house. So I started digging on the internet and found that the 2nd was a company called Homegold(in Greenville, SC) and that they filed bankruptcy over a year back and now its officers are being carted off to jail!
To the best of my knowledge, taxes are first, 1st mortgagor next and the remainder, if any goes to any subordinate loans or to the owner who is being foreclosed on.
The state laws of NC are available online(type "NC Statutes" into your search engine). They sure answered a lot of my questions.
D. Sullivan
thanks for your help. I have been looking and looking at deals at the courthouse I just haven't made the big jump yet. I am at the clif waiting on the tide to rise.
Chapter 45 of the NC Statutes is the one covering foreclosures. I had to read it over about 4 times for it all to sink in! All that legalese is cumbersome reading!
Anyway, after my first post, I went back to Register of Deeds office and started digging again, and found what I knew must be there(a Satisfaction). It takes a little work if there are alot of old deeds on a property. I've looked up several, but this one had by far the most I've ever seen on one property(over a dozen in the last 30 years, by the same guy!). If you don't have the time, a paralegal will do it for you. I'm just cheap and won't pay for free records! It took me about two hours. with a little practise that could be cut to 30 minutes, or less. If you go to an office in a small county they'll usually do the work for you.
I noticed you also asked about loans and the time, They only gave us two weeks after we won the bid to send them the check. So you're probably not going to have time to get a loan after you win a bid.
Good Luck, D. Sullivan