What is a foreclosure auction?

A foreclosure auction is the final step of the foreclosure process, where a lender can sell a home in order to recover the money that is owed to them. In North Carolina, foreclosure auctions are conducted by a county sheriff. The home is put up for auction in the form of a public sale, and anyone can place a bid and potentially purchase the home. The person who bids the most money will win the auction. However, if the bid is not paid in full, the lender still has the right to retain ownership of the property. A successful bidder must have approved financing and the ability to pay the full amount in cash at the time of the auction. After the auction is completed, the person who won the auction must settle all fees and liens associated with the property. If all requirements for the auction are fulfilled, the winning bidder will then be given the deed to the property.

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What is a foreclosure auction?

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