How does the North Carolina upset bid process work?
1) Day of auction: Who ever is the high bidder at the auction will be recorded at the court house as the high bidder on such and such property at such and such amount! 2) 10 Day upset bid: A 10 day count is Started the day that the high bidder is recorded at court house. This count is 10 day’s including week ends, not just 10 business day’s. 3) Placing a upset bid: Anybody can go down to the county court house and place a upset bid. The upset bid must be 5% higher than the previous high bid and a 5% deposit on the bid amount must be paid with a certified check at time of upset bid! 4) Time frame: In order to place a upset bid it must be done with in the 10 day upset bid period. If the upset bid period ends on a week end then the buyer will have until the following Monday at 5:00pm to place an upset bid. 5) Restart 10 day period: After someone has placed a upset bid, the 10 day count starts all over again. The 10 day period will start over and over every time someone upsets the bid. 6)Y
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