The highest bidder at the public sale is required to pay 5% of the amount or $750.00 whichever is the greater amount of the successful bid at the conclusion of the sale. The successful bid amount shall be paid in the form of cash or a certified bank check only payable to the auctioneer.
State law provides that any owner, mortgage holder or defendant in a filed tax foreclosure proceeding can stop the foreclosure process at any time by redeeming the property. The redemption price is equal to the taxes, interest fees and costs of the foreclosure proceeding to the date of the redemption. If payment is made after the tax sale, but prior to the confirmation of the sale, that is, within ten days of the sale or any resale, the judgment will be satisfied and the proceedings halted.
Bids are left open for upset bids ten days after sale date. If you are the highest bidder at the public auction and an upset bid is received within ten days, you will be notified by the New Hanover County Clerk of Courts Office that an upset bid has been received. You will then have the option to place a higher bid. Any upset bids must be made in person at the New Hanover County Clerk of Court.
After the time for submitting an upset bid has expired, G.S. 105-374 (p) provides for an order of confirmation to be entered. No sale may be consummated until confirmed by the Clerk of Court. The final bidder will be contacted and arrangements will be made for full payment, which will be due in the form of a certified bank check and the Commissioner will execute the Non-Warranty Commissioner’s Deed. The buyer is responsible for the recording of the deed as well as all recording fees at the New Hanover County Register of Deeds. The buyer is also responsible for the current year taxes. Properties sold may be subject to IRS or State tax liens, other taxes or special assessments not included in the judgment.
