General Information Foreclosure Sale Procedure

This article is taken directly from the New Hanover County website.

All sales are conducted on the front steps of the New Hanover County District Courthouse which is located at 316 Princess Street, Wilmington, NC 28401. The highest bidder at the public sale is required to pay 5% of the amount or $750 whichever is the greater amount of the successful bid at the conclusion of the sale. The successful bid amount shall be paid in the form of cash or a certified bank check only payable to the auctioneer.

State law provides that any owner, mortgage holder or defendant in a filed tax foreclosure proceeding can stop the foreclosure process at any time by redeeming the property. The redemption price is equal to the taxes, interest fees and costs of the foreclosure proceeding to the date of the redemption. If payment is made after the tax sale, but prior to the confirmation of the sale, that is, within ten days of the sale or any resale, the judgment will be satisfied and the proceedings halted.

Bids are left open for upset bids ten days after sale date. If you are the highest bidder at the public auction and an upset bid is received within ten days, you will be notified by the New Hanover County Clerk of Courts Office that an upset bid has been received. You will then have the option to place a higher bid. Any upset bids must be made in person at the New Hanover County Clerk of Court.

After the time for submitting an upset bid has expired, G.S. 105-374 (p) provides for an order of confirmation to be entered. No sale may be consummated until confirmed by the Clerk of Court. The final bidder will be contacted and arrangements will be made for full payment, which will be due in the form of a certified bank check and the Commissioner will execute the Non-Warranty Commissioner’s Deed. The buyer is responsible for the recording of the deed as well as all recording fees at the New Hanover County Register of Deeds. The buyer is also responsible for the current year taxes. Properties sold may be subject to IRS or State tax liens, other taxes or special assessments not included in the judgment.

Upset Bid Process

Pursuant to G.S. 105-374(o) and G.S. 1-339.64, real property sales must remain open for a period of ten days after the filing of the report of sale to allow for the filing of an upset bid. The upset bid must exceed the reported sale price by 5%, but not less than a minimum increase amount of $750. The upset bid must be delivered to the New Hanover County Clerk of Superior Court in the form of a certified bank check payable to the New Hanover County Clerk of Superior Court, and must be filed with the New Hanover County Clerk of Superior Court before the close of normal business hours on or before the tenth day after the filing of the report of sale. When the tenth day falls on a Saturday, Sunday, legal holiday, or other day where the office of the Clerk is not open for regular business, the deposit may be made on the first day afterward that the office is open for regular business. Questions concerning placing an upset bid should be directed to the New Hanover County Clerk of Superior Court, Civil Records Division. Please inform them that you are calling regarding a tax foreclosure or Mortgage Loan Foreclosure.

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