tax sales in North Carolina?
Hey everyone,
I have a friend who was telling me about tax sales in NC. He was telling me that after auction you could have the deed within 30 days. From what little bit of research I did there was some validity to what he was saying. My issue at hand is I live in GA and the tax sale laws out here, from what I understand, is the "redemption period" is a full year and it was not worth my time or money to tie up for that long. This could obviously be a game changer if what he is saying is true. Does anyone have any wisdom or experience on this topic? Testimonies?
Thanks in advance!
Originally posted by @Jordan Pothier:Hey everyone,
I have a friend who was telling me about tax sales in NC. He was telling me that after auction you could have the deed within 30 days. From what little bit of research I did there was some validity to what he was saying. My issue at hand is I live in GA and the tax sale laws out here, from what I understand, is the "redemption period" is a full year and it was not worth my time or money to tie up for that long. This could obviously be a game changer if what he is saying is true. Does anyone have any wisdom or experience on this topic? Testimonies?
Thanks in advance!
The biggest challenge these days with tax auction sales in NC is the upset bid period. Once the auction is over, there is a 10-day period where the county holds up the sale waiting for anyone to bid more than the winning bid. Once an upset bid is made, a new 10-day period begins and the county holds up the sale waiting for more upset bids. It's not unusual in hot markets for some houses to spend months in the upset bid process. Winning the original auction is only the beginning of the process.
And from what I saw the last time I checked, most of the end winning prices are that far off from what it would be if the house had been on the open market. 4 years ago, there were great deals to be found at tax auctions in NC. These days, not so much. At least, not in the larger cities.
Where can you view the final winning bid prices of these homes? How can one go about placing an upset bid? Does it have to be in person?
I can’t find any info online. This is very interesting. I’m in Louisiana,
