Posted by Tarheel T on January 26, 2002 at 15:06:30:
Actually it is not 10% but 5%. This is governed by NC G.S. If you ever want to be sure contact the trustee.
That is for deed of trust foreclosures. As for real property tax foreclosures there are some variances.
But, this is not for beginners, so I would caution to at the very least learn the rules first!!
Also do your homework and know where the bid will start before the sale. If it is a surprise to you when the trustee announces the opening bid, then you have not done your homework!!
As well, always search the title before making a bid.
Posted by Mike in Nc on January 23, 2002 at 23:52:09:
Does anybody know how the foreclosure process works in NC,if your 0ffer gets accepted do you have to pay in full right there or 10% down with balance in 30 days or ?
Re: Foreclosure question in NC - Posted by Millunare
Posted by Millunare on January 26, 2002 at 01:36:22:
Well according to the sales that i have been to in Winston-Salem and Greensboro the 10% is due once the bid is accepted. Then you have to pay the remaining balance within 30 days of the 10% payment.