I am currently leasing a residential property in NC. I have been leasing the property for approximately 7 months. We initially signed a 6 month lease and in February we signed a 1 yr lease. We received a notice stating the property was scheduled to be sold. When we contacted the landlord they told that they didn't know anything about and that they handle the property for someone else. They came back and told us that the property was in foreclosure and told us how much was owed on the property and asked if we were interested in purchasing the property. We made and offer on Monday and they responded today with a notice to vacate as the property is being sold. Do they have the right to terminate our lease without just cause?

The property being in foreclosure is just cause.

The bank may have gotten an offer from someone else first which they are legally obligated to consider.

Actually they can not evict you until after it is foreclosed. Also if it is being sold as a "short sale" prior to foreclosure, then they also have to honor the lease.

Only at the time of the physcial sale at a foreclosure sale does the lease end.

If the property is being sold, then the new owner has to honor an existing lease. If the property is being foreclosed, then when the foreclosure is finalized, your lease is terminated. However, you should then be given a reasonable amount of time to find a new place.

Did you ask why your offer was not accepted?