Foreclosure in Charlotte>Question Details

IB, Home Buyer in Charlotte, NC

North Carolina Foreclosure Auction: Fully Payment required at time of auction?

Asked by IB, Charlotte, NC Fri Nov 2, 2012

If you are the winning bidder on a foreclure auction in NC, do you have to pay the full amount to the auctioneer that day or is there a partial deposit and time frame to pay? From my understanding, it varies from state to state. Thanks.

Help the community by answering this question:


A lot of auctions now a days are done online as well. Typically it is buy here pay here and you are buying the property "as is". Be sure to do all of your due diligence beforehand. Also, be aware that these properties may not come with a clear title, something to caution.

My question to you is, why the auction? There are a lot of great deals out there that can be bought outside the auction phase and to take full advantage of all your resources. If it is home ownership you are seeking and you love the property than by all means investigate to make sound decisions. Not saying the auction is not a good resource but typically you are bidding against many others who add a lot of competition.

We have great deals all the time and if you need any help please let us know. Thanks.
0 votes Thank Flag Link Fri Nov 2, 2012
It depends on the company that is selling the property. I have heard several different things, I would contact the auction company and ask them.
0 votes Thank Flag Link Fri Nov 2, 2012
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