BRIAN BAIN
brianbain@kw.com
(704) 794-7710
Brian Bain, serving as the Commissioner for Mecklenburg and Cabarrus County, operates within a unique real estate framework that involves a 10-day upset bid period. As a central figure in this process, Brian plays a pivotal role in facilitating property sales on behalf of owners who are unable to sell properties without court approval. To submit an offer for one of these court-ordered sales, interested parties must follow a specific procedure. All offers are required to be sent via email to brianbain@kw.com, which serves as the primary means of communication for this particular real estate endeavor. Brian Bain's involvement in this capacity highlights his instrumental role in managing and overseeing these court-ordered property transactions, ultimately contributing to the efficient execution of sales within this framework.
Commissioner Sale Process & FAQs
Q: What is the required document that must be presented with all offers?
All offers must have a Commissioner Addendum signed and presented with the offer.
Q: How much is the non-refundable earnest money deposit, and to whom should it be payable?
All offers require a 5% non-refundable earnest money deposit payable to Brian Bain, Commissioner, and will be held in his attorney trust account
Q: What is the required document that must be presented with all offers?
All offers must have a Commissioner Addendum signed and presented with the offer.
Q: Is there a due diligence period for these commissioner sales?
There is no due diligence period.
Q: How many days after the Order Confirming Sale is entered is the closing date scheduled for?
The closing date shall be 21 days after the Order Confirming Sale is entered. See statement.
Q: What happens once a contract is signed and the earnest money is received in the commissioner's sales process?
Once a contract is signed and the earnest money is received the commissioner will file a Report of Sale.
Q: Where can interested parties locate the Report of Sale, and what crucial information does it contain regarding the purchase?
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 main floor of the Cabarrus County Courthouse.
Q: How can an interested party participate in upsetting the bid for a property, and what are the requirements during the 10-day period following the filing of the Report of Sale?
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.
Q: Under what circumstances does the 10-day period for upsetting the bid reset, and when is the earnest money refundable during this process?
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.
Q: What document will the buyer receive at the closing of the sale, and what is its status in terms of property liens?
The buyer will receive a Commissioner's Deed at closing which is free and clear of all liens.
Q: Do you have a recommended law firm for handling the closing of these commissioner sales, and can you provide their contact number?
It is recommended that the buyer use The Coley Law Firm, PLLC for closing. Their number is 704-412-3260.
