Escrow & Title
In NC, after a foreclosure under a deed of trust, the former owner has a 10-day period during which:
AThey can repurchase the property at the foreclosure sale price plus costs
BThird parties can submit higher bids (upset bids) to overturn the foreclosure sale✓ Correct
CThe lender must return any excess proceeds to the owner
DThe property cannot be transferred to any new owner
Explanation
NC's upset bid period (G.S. 45-21.27) allows third parties (or the former owner) to submit a higher bid within 10 days of the foreclosure sale, potentially overturning the sale. The minimum upset bid must exceed the current bid by at least 5% or $750 (whichever is greater).
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