Wake Count, NC Foreclosures

[Brendan Couture]

Hello All,

     I'm looking to make my first foreclosure purchase in the Triangle area of NC.  I realize that when you win the bid, a 10% deposit is due.  Does anyone know when the remaining balance of the sales price would be due?  Does it vary dependent on the attorney facilitating the foreclosure?  The property is in Wake County.

Any help would be greatly appreciated.  Thanks in advance!

[Stuart Hipp]

If you are buying with a standard trustee sale, a deposit of 5% of the bid price (in cash or certified funds) is required immediately. That will be paid either to the trustee (if day of sale/auction) or to the Clerk of Court (if placing an upset bid after the original bid was placed). Assuming you only have to bid once, 10 calendar days pass (or a few more if 10th day hits on a weekend/holiday), no upset bids are placed, and you are the high bidder, the trustee responsible for the foreclosure proceeding will send a letter stating the date by which full payment Ian expected. That date is set by the firm and can vary a good bit but is probably somewhere in the 30-60 day range. If you have funds and have communicated with the firm (after you’re the closed, winning bidder they’re usually happy to take your call), you can technically pay at any point that is convenient to them and you prior to that date and I know they have moved dates back in some circumstances before but don’t count on that. 

As always, caveat emptor with foreclosure/trustee sales and make sure you’ve consulted legal advice re:title and have physically inspected what portion of the property you are legally able to inspect. Good luck! Shout if you need clarification!