NC Trustee Foreclosure Auctions

[James Can]

Hello BP,

I just moved into a new primary residence, and plan to rent out the old homestead.  What happened a few weeks into my move is my question for discussion. 

 ...The house next door went up as a foreclosure auction.  I only had a few days, but read all that I could and went and won the auction.  

House: 1500 ft2, 2-1, river view (and next door!)  Last updated in the 70's, fixed up it with a third bedroom, it could be worth approx 100-150k.  Estimated rent: $1100-1200.

NC law requires a 10 day upset bid period, and I've since bid a few more times against several LLC investor companies to again be the winning bid. I hope there's some truth to the 70% rule, because I'm using it to estimate when these guys will quit bidding against me, and think we are getting close.

So, what happens when you win the bid?  

The sellers lawyer's office stated that they will send out a notification and I'll have 30 days to pay.   They also mentioned that I could use my own lawyer to close, or they could do it.  I guess that's if I want title insurance?  I've done a title search at the courthouse and came up with nothing.  I met the owners, and reviewed the deed history (and tried to buy it as a pre foreclosure, not enough time)-no known surprises.

As well, I saw a manufactured home go across the auction block and did similar research and just picked it up for about $3200, with the intent to fix and flip, and pay to fix up the house next door, or replenish some savings.  It is a 3-2, 1999-ish, in a nice manufactured home neighborhood, and with a half acre lot.  Recently a similar fixed up (paint and carpet) home sold for $70k.  I will most likely have to do an order of possession as it looked occupied, and just recently went out  to ask for legal advice.  I won the bid yesterday!  

So, as an introduction, I've been renting a SFH in California for 4 years, will get my old residence rented here in December (still a lot to do), and hopefully can keep casually investing as the years tick by.

Thanks for the help!

Brad