North Carolina allows lenders to sell a property with a mortgage in default by the process of foreclosure. Buyers interested in these foreclosed homes or land can find out about them through local foreclosure listings. After reading the listings, buyers can prepare funds for bidding. They can actually buy North Carolina foreclosures by placing the highest bid and paying off the bid amount to the lender’s trustee at foreclosure auctions.
Find North Carolina foreclosure listings. The lender must advertise a foreclosure by sale in a county newspaper of general circulation in the same county as the property being foreclosed. Buyers can usually find these foreclosure notices in the “Legal Notices” or “Public Notices” section, which is often part of or near the classifieds. If you would like to search in multiple North Carolina counties for foreclosure auctions, then you can visit a North Carolina newspaper directory at Usnpl.com/ncnews.php. This is a list of newspapers with online versions. Click on the individual links to find and search in newspapers for the foreclosure listings.
Use the listings to find the North Carolina foreclosures’ addresses and the date, time and location of foreclosure auctions. Each auction will generally take place at the county courthouse. Look at the listings for full details. You may also get the amount due on the property. This info is important, as it essentially tells you the minimum bid you will have to make to buy that foreclosed home in North Carolina. The reason for this is that the lender will bid at least that amount by itself.
Visit the properties to get more information. Like most states, you do not have a right of inspection. However, you can talk to neighbors about the owner and also get a rough idea of the market value of the foreclosed property. Learning the market value will help you decide on a maximum bid on the property.
Prepare your bidding money for the North Carolina foreclosure auction. Look at the individual notice to determine how much you have to pay on the auction day. You often have to pay the whole amount when winning a bid to buy a foreclosed home in North Carolina.
Bid on properties at the auction. When you win an auction, pay your bid per the lender’s trustee’s instructions. This is when you can finally get a deed to the foreclosure. In North Carolina, a deed shows that you bought and have ownership in the foreclosed property.
File the deed in the North Carolina recording office in the county where your new property is located. You must file a property deed as soon as possible to avoid potentially losing your interest in the property. This is a complicated subject, so just make sure you always file a deed at the county recording office at the quickest possible time when you purchase real estate on the market or at a North Carolina foreclosure auction.
Foreclosure.com’s North Carolina Foreclosures Information Page