What is an auction sale?

An auction sale is the last step in the foreclosure process in North Carolina. In an auction sale, the foreclosed property is sold to the highest bidder. The sale is conducted by a public official, such as a sheriff, defendant will appear in court when required.">bailiff or other court officer. The sale is generally held in the county where the property is located and is advertised in a local newspaper prior to the sale. At an auction sale, the person conducting the sale will read the terms and conditions of the sale, as well as any liens or restrictions on the property. Potential bidders must understand the terms before bidding. The minimum amount of the bid is typically the amount of the outstanding debt, as well as any fees associated with the foreclosure process. All sales are final and no refunds are provided for the winning bidder. The winning bidder is usually required to pay the entire amount of the bid in a single payment. If a successful bidder does not have the ability to pay the full amount, they may apply for financing at the sale. The winning bidder is then granted a deed for the property, with any liens or restrictions attaching to the property. Finally, after the auction sale, the proceeds of the sale are used to pay off the debt incurred by the borrower and any remaining funds are distributed to any lien holders. If there are no remaining funds, the debt is simply wiped out.

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What is an auction sale?

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