Notice of Upset Bid Notice to Trustee or Mortagee: 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.
Raleigh North Carolina Notice of Upset Bid Notice to Trustee or Mortgagee
Category:
State:
North Carolina
City:
Raleigh
Control #:
NC-SP-403
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PDF
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How to fill out North Carolina Notice Of Upset Bid Notice To Trustee Or Mortgagee?
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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. Each time a new high bid is placed through the county clerk, the 10 days start over.
An upset price is intended as a minimum price. In a decree for a Judicial Sale, it constitutes a direction to the officer conducting the sale not to accept any bid that falls below the fixed price.
(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).
This basically refers to the minimum price that the seller is willing to accept, and it may be either more or less than the total amount they need to recover their investment. Note that, if nobody is willing to bid the upset price (or higher), the property will not be sold at the auction that day.
An upset bid period is a time period that exists after a foreclosure sale. In North Carolina, after the sale of a property in a foreclosure there are ten (10) days for another party to offer a higher bid on the property or for the owner of the property to file a bankruptcy to stop the foreclosure.
In order to raise the bid, you will need to go to the Clerk of Court's office in the county where the foreclosure is pending. The Clerk will have you fill out AOC form 403, which can be found on the NC Courts website. What is the deposit requirement? The high bidder must pay a bid deposit at the 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 seller will conduct the sale by reading the entirety of the posting, which includes the property location, rules of the sale, and that the property is being sold ?as is.? The sale will start with an opening bid from the foreclosing mortgage company, then you and other bidders will then increase the bid amount until
Foreclosure auction If you submit the winning bid, you'll need to give the trustee a certified check for the deposit, which is usually 10% of the winning bid. Then, you have to wait 10 days to see if anyone outbids you during the upset period before you pay the full amount and receive the title to the property.