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.
Good Luck and Good Learning!!