Reality TV has done a disservice to North Carolina real estate investors. We’ve all seen the shows where a savvy buyer creates a bidding war on a Tuesday morning, hands over a check, and gets the keys that afternoon.

In New Hanover, Pender, and Brunswick counties, that is not how it works.

If you are looking for a deal in the foreclosure market—whether it’s a distress sale in Bolivia or a bank-owned property in Jacksonville—you are stepping into a legal arena defined by the Upset Bid Process. It is a system unique to North Carolina, designed to protect the borrower, not the buyer.

The Venue: Literally on the Steps

First, the geography. In our region, these auctions still happen in the physical world, often literally on the courthouse steps or in the lobby.

• New Hanover: 316 Princess Street, Wilmington.
• Brunswick: The courthouse in Bolivia (Government Center Dr).
• Pender: The historic square in Burgaw.

The "Trustee" (usually an attorney representing the bank) will read the notice of sale. A bid is placed. But unlike a standard auction where the gavel falls and the deal is done, here the winning bid is just the starting line.

Strategic Reality: The 10-Day "Upset" Clock

This is the single most important concept for NC investors. When the auction ends, the high bid is reported to the Clerk of Court. This triggers a 10-day upset bid period.

Myth: "I won the auction, so the house is mine." Reality: You effectively won a temporary placeholder. For the next 10 days, anyone can walk into the Clerk of Court’s office and outbid you.

The Math: To "upset" the bid, a new buyer must raise the price by 5% or $750 (whichever is greater) and deposit 5% of that new total with the Clerk.

The Reset: If someone upsets your bid on Day 9, a new 10-day clock starts. This process can theoretically roll on forever until 10 days pass with no new activity.

The Risk Profile: Flying Blind

Buying on the courthouse steps is not for the faint of heart. You are generally buying "As-Is, Where-Is," often without ever stepping foot inside the property.

• No Inspections: You cannot legally enter the home before you own it. You are bidding based on a drive-by and a guess.
• Eviction is On You: If the previous owners (or squatters) are still living there, you inherit them. The Sheriff doesn’t automatically clear the house for you; you must file for a Writ of Possession after the deed is recorded.
• Title Traps: While a foreclosure typically wipes out junior liens, it does not necessarily wipe out IRS tax liens or unpaid property taxes. Without a title search before bidding, you could be buying a house attached to a massive debt.

Your Next Step

The foreclosure market can offer incredible equity spreads, but it is not a DIY project for beginners. You need a strategy for the upset bid period—knowing when to bid early to scare off competition, and when to wait until Day 10 to reset the clock.

At Aspyre Realty Group, we don't just find listings; we guide you through the legal labyrinth of the NC court system. We are experts in listening and communicating people's wants into homes that work for them—even if that home requires a little extra grit to acquire.

Contact Aspyre Realty Group today. Let’s discuss if your risk tolerance matches the reward of the courthouse steps.