Broker Property Real Foreclosure In Wake
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If you are interested in purchasing a tax foreclosure property in North Carolina, we encourage you to look over our up-to-date list of properties going up for auction. In most cases, the bidding process occurs at the County Courthouse.
The Purchaser at the foreclosure sale must allow the tenant to stay at the property until either the end of the existing lease term or one year from the date the purchaser acquires “title” (legal ownership of the property)whichever is sooner.
In North Carolina, most foreclosure properties are sold through county sales auctions. Although you can often find listings of available foreclosure homes online, you cannot submit bids online. You must either attend the auction yourself or send your real estate attorney or agent to represent you to place a bid.
Each new upset bid starts a new round of bidding, and another 10-day period begins to run from the date of the most recent upset bid. Once the 10-day period passes with no further bids, the foreclosure sale may be finalized.
When a tax foreclosure sale is confirmed, the ownership of the property is transferred from the delinquent taxpayer to a new owner pursuant to judgment of the Court. The new owner is responsible for all future taxes.
Federal law mandates that the lender cannot officially move forward with foreclosure until you're 120 days delinquent on the payments.
In North Carolina, the foreclosure process typically takes around 120 days from the date the first payment is missed to when the property is sold at a foreclosure sale. The timeline may vary depending on several factors, including: The lender's policies and procedures.
If you are interested in purchasing a tax foreclosure property in North Carolina, we encourage you to look over our up-to-date list of properties going up for auction. In most cases, the bidding process occurs at the County Courthouse.
