Foreclosure – Upsetting a bid
Someone can enter a higher bid on a house that has gone through the foreclosure sale within the 10 day upset bid period. However, the new bidder cannot simply bid one dollar more than the previous bid. Instead, North Carolina General Statute § 45-21.27 explains that the new bid has to be the greater of either a $750.00 increase or 5% more than the outstanding bid. (So if 5% is equal to $1,000.00 then you would have to bid the $1,000.00 – not just the $750.00) This bidding process can go on for an extended period of time and prevent the foreclosure from being finalized.