How to Buy North Carolina Foreclosures

North Carolina predominantly pursues a non-judicial course for deed of trust foreclosure. Conversely, if language of power of sale is absent in the deed of trust, judicial foreclosure can be pursued by the lender.

A minimum of ninety days must pass before the foreclosure property can be sold at the public auction of foreclosure sale. This period starts after the notice of default is given to the property owner.

Bearing in mind that a foreclosure property typically sells for a lesser price in preforeclosure than after becoming Real Estate Owned (if it fails to sell at the auction), it is suggested that it is bought during preforeclosure.