Bank Sales of homes in foreclsoure are held at the Dare and Currituck County courthouse and are not listed for sale anywhere else - you must physically go to the courthouse - attend the sale - and place your bid. If there are no bids - the bank will take the property back and hire a real estate firm to list the home in the MLS. Often times, the best deal for a home will be the day it goes to sale at the courthouse, not always, but often.
Contact me immediately if you have an interest in any of these properties. Once we prepare a Buyer's Agency Agreement - I can help you acquire one of these properties. You will have at most 10 days to make your purchase decision, and in that 10 day time frame we need to gather up as much info on the property as possible - including a preliminary title search to look for any unsatified liens. Homes are sold as-is where-is and often times there is no access permitted before or during the sale.
A 5% deposit is required - 5% of the bid amount - and it must be certified funds. There is a 10 day upset bid period. The high bid remains unless another bid comes in during that 10 day period - and the upset bid must be 5% higher than the previous bid. Once the 10 day period expires, the last bid on the property becomes the winning bid - and then you can proceed toward closing using whatever means that you would normally do under a conventional purchase. You'll be given about 30 to 45 days to close.
I can answer all of your questions and highlight your expected costs to close and detail the whole process. The high bidder pays the real estate commission, transfer tax, title search, attorney fee, any costs associated with financing, and recording fees.
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