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McLeansville : Real Estate Advice

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Activity 1
Sat Apr 28, 2012
Larry Story answered:

If you could be more specific. Was your home being foreclosed on? In Guilford county the process is that on the day that the home is to be sold "on the courthouse steps" the special proceedings file is placed in certain file boxes on a table in the special proceedings office. The file will have a reserve bid from the foreclosure attorney for the bank. For anyone else to buy it they have several days to enter an "upset bid" for at least 5% more then the upset bid. They must also give a certified check for a specified % of the new purchase price. So actually no one will know who bought the home for 5 days after the foreclosure sale date to see if anyone puts in an upset bid.

I periodically go to the courthouse to check the files on my short sale listings to make sure I know exactly what is happening with them. Depending on your sale date it may or may not have been finalized yet.

Hope this helps,
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