Foreclosure – What is an upset bid?

An upset bid period is a time period that exists after a foreclosure sale. In North Carolina, after the sale of a property in a foreclosure, there are ten (10) days for another party to offer a higher bid on the property or for the owner of the property to file a bankruptcy to stop the foreclosure.  The ten (10) days start the day after the foreclosure sale date.  Weekends and holidays are included in that ten (10) day period.  However, if the 10th day falls on a weekend or holiday recognized by the courts then one would have until the next business day to file a new upset bid or bankruptcy.