NC Foreclosure Upset Bid
How does the property that you auction transfer after the upset bid period.
Does it automatically transfer to the successful bidder or the previous owner still have time to redeem?
How does the property that you auction transfer after the upset bid period.
Does it automatically transfer to the successful bidder or the previous owner still have time to redeem?
Answered in another post where you asked the same question.
There is no right of redemption in NC, period.
Once the property is auctioned off at the courthouse steps, the previous owner is out of the dealing. If anything, they become unlawful tenants (if they're still in the property) and they become the problem of the winning bidder.
After the auction, there is a 10 day upset bid period where anyone can come in and raise the bid. If that happens, a new 10 day period begins from that point. After the ten day period, the winning bidder has 30 days to pay the remainder of the balance owed or their deposit is forfeited.
Roger
Hi
Can you get a loan for this transaction if there's enough time?