All offers must have a Commissioner Addendum signed and presented with the offer.
All offers require a 5% non-refundable earnest money deposit payable to Brian Bain, Commissioner, and will be held in his attorney trust account.
There is no due diligence period, so no Due Diligence Fee
Closing date shall be 15 days after the Order Confirming Sale is entered.
The commissioner will allow up to 48 hours to conduct inspections prior to going under contract and will not entertain any other offers during this time period.
Once a contract is signed and the earnest money is received the commissioner will file a Report of Sale with the Courts
The Report of Sale will state the purchase price and will be placed in the Judicial Upset Bid Book at the Special Proceedings counter on the third floor of the Mecklenburg County Courthouse.
Anyone may upset the bid by offering 5% more than the contract price (or the last upset bid, if one) and depositing 5% earnest money with the clerk during the 10 day period, which runs from the day after the filing of the Report of Sale.
If there is an upset bid, the 10 day period starts over and the initial 5% will be refunded within 3 days. This is the only time the earnest money is refundable.
Once the 10 days run without an upset bid, the commissioner will move for Confirmation of Sale. This does not require a hearing and will take between 1 and 4 days.
The buyer will receive a Commissioner’s Deed at closing which is free and clear of all liens.
It is recommended that the buyer use The Coley Law Firm, PLLC for closing. Their number is 704-412-3260.