Notice of Upset Bid in Judicial Sale Notice to Person Holding the Sale : This is an official form from the North Carolina Administration of the Courts (AOC), which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by North Carolina statutes and law.
North Carolina Notice of Upset Bid in Judicial Sale Notice to Person Holding the Sale
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North Carolina
Control #:
NC-SP-405
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FAQ
The Outbid Period is a 10-day period in which someone can place a higher bid than the previous bid, usually 5% or $750 higher, whichever is greater.This process continues until no new bids are placed and the 10 days runs out.
North Carolina has a 10-day upset bidding period, so any buyer has 10 days to outbid the current bid even after an auction ends. Each time a new bid is placed, the 10-day period restarts. As a buyer, this can be time-consuming to monitor.
: the minimum price set for property offered at auction or public sale.
A bid made after a judicial sale, but before the successful bid at the sale has been confirmed, larger or better than such successful bid, and made for the purpose of upsetting the sale and securing to the upset bidder the privilege of taking the property at his bid or competing at a new sale.
(a) An upset bid is an advanced, increased, or raised bid whereby any person offers to purchase real property theretofore sold, for an amount exceeding the reported sale price or last upset bid by a minimum of five percent (5%) thereof, but in any event with a minimum increase of seven hundred fifty dollars ($750.00).
The rules for doing this are pretty simple: You go to the courthouse and complete a form with the Clerk of Superior Court. You must raise the bid by at least 5% and put down a deposit of 5% of your new bid. For example, a Report of Sale is filed showing the bank as the successful purchaser for 100K.