TAX
FORECLOSURE SALE
PROCESS
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TAX
FORECLOSURE SALE
PROCESS |
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For
more information, contact: Cindy Herring
at 336-342-8374 or |
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TAX FORECLOSURE SALE PROCEDURE Properties shown here are sold on a case-by-case basis. All sales take place on the front steps of the courthouse in Wentworth, NC. Terms of sale are described in the sale process section below. The Rockingham County Legal Department begins the foreclosure process by filing a complaint with the Clerk of Court. The foreclosure sale only occurs after Rockingham County obtains a judgment. Real property is then sold at the foreclosure sale pursuant to the terms of the judgment. Successful bidders will be responsible for taxes not included in judgment. ALL PROPERTIES ARE SOLD IN “AS IS” CONDITION. INTERESTED PARTIES ARE ENCOURAGED TO RESEARCH ALL PROPERTIES THOROUGHLY BEFORE ATTENDING THE TAX FORECLOSURE SALE AND TO REVIEW NORTH CAROLINA GENERAL STATUTES CHAPTER 1, ARTICLE 29A – JUDICIAL SALES AND NCGS § 105-374 FOR MORE INFORMATION ON THE FORECLOSURE PROCESS.
These properties are subject to sale due to unpaid property taxes or assessments. The following terms apply:
1. The Rockingham County Legal Department shall set a sale date and cause a notice of sale by public auction to be posted for twenty days immediately preceding the sale at the courthouse and published once a week for two consecutive weeks in a local newspaper and in accordance with North Carolina General Statute (NCGS) § 1-339.17 and § 105-374.
2. Immediately following the sale, the highest bidder must deposit 5 percent of the highest bid.
3. The highest bid on the date of the sale is subject to upset.
4. Sale will be held open for ten (10) days following the filing of the Report of Sale or last notice of upset bid. An upset bid is a bid whereby a person offers to purchase the real property, after the sale has taken place, for an amount exceeding the reported sale price or the last upset bid by a minimum of 5% thereof, but in any event with a minimum increase of $750.00.
5. Successive upset bids may be filed.
6. If at any time 10 days elapse without the filing of a subsequent upset bid or a motion for resale by an interested party, the rights of the parties to the sale or resale become fixed. Whoever holds the highest bid or upset bid at that time is obligated to complete the purchase of the property.
7. An upset bid shall be made by delivering to the clerk of superior court, with whom the report of the sale or the last notice of upset bid was filed, a deposit in cash or by certified check or cashier’s check satisfactory to the clerk in an amount greater than or equal to 5% of the amount of the upset bid but in no event less than $750.00 by the close of normal business hours on the tenth day after the filing of the report of sale or the last notice of upset bid, and if the tenth day falls upon a Sunday or legal holiday or upon a day in which the office of the clerk is not open for the regular dispatch of its business, the deposit may be made and the notice of upset bid may be filed on the day following when the office is open for regular dispatch of its business. See NCGS § 1-339.25(a).
8. At the time that an upset bid on the real property is submitted to the clerk of superior court, together with a compliance bond if one is required, the upset bidder shall file with the clerk a notice of upset bid. The notice of upset bid shall: (1) State the name, address, and telephone number of the upset bidder (2) Specify the amount of the upset bid; (3) Provide that the sale shall remain open for a period of 10 days after the date on which the notice of upset bid is filed for the filing of additional upset bids as permitted by law; and (4) Be signed by the upset bidder or the attorney or the agent of the upset bidder. See NCGS § 1-339.25(d1).
9. When an upset bid is made, the clerk shall notify the person holding the sale who shall mail a written notice of upset bid by first class mail to the last known address of the last prior bidder and the current record owners of the property. See NCGS § 1-339.25(d2).
10. When an upset bid is made, the last prior bidder, regardless of how the bid was made, is released from any further obligation on account of the bid, and any deposit or bond provided by the last prior bidder shall be released. See NCGS § 1-339.25(d3).
11. Any person offering to purchase the real property by upset bid is subject to and bound by the terms of the original notice of sale except as modified by court order or law. See NCGS § 1-339.25(d4).
12. The clerk of superior court shall make all orders as may be just and necessary to safeguard the interests of all parties and may fix and determine all necessary procedural details with respect to upset bids in all instances in which the North Carolina General Statutes fail to make definite provisions as to that procedure. See NCGS § 1-339.25(d5).
13. The only circumstance in which a resale will be ordered as a result of an upset bid being filed is when an interested party has filed a motion for resale with the clerk of superior court within 10 days after a sale or upset bid and “for good cause”. See NCGS § 1-339.27A.
14. A defaulting bidder at any sale or resale or any defaulting bidder is liable on the bid and in the case that a resale occurs because of the default, the defaulting bidder remains liable to the extent that the final sale price is less than the bid, and for all costs of the resale or resales. Any deposit or compliance bond made by the defaulting bidder shall secure payment of the amount, if any, for which the defaulting bidder remains liable under this section. See NCGS § 1-339.30(e).
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