Legal Question in Real Estate Law in Virginia

foreclosure sale

A contract was signed with a deadline for a house that was in the process of going to foreclosure. The contract deadline is October 30. When the price was offered the sellers kicked it back so an increase was made and they requested that the buyer's bank fax a statement that the money was in the bank and it could be a cash transaction. We did not hear a yes or a no but the following week the house was put in the local newspaper under a trustee sale. I called the realtor and asked about it and she stated it was just part of the channels that had to be gone through. She said that no one would make a bid and that they could not take less than the amount listed on the foreclosure ad of 269,900. Will the house go back to the realtor if it does not sell and will we be able to keep bidding or will the bank try to sell it? Is the realtor really guiding us right when she says we do not need to be at the foreclosure sale?


Asked on 10/15/08, 11:18 am

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: foreclosure sale

If the house does not sell through the current efforts which you've described, the owner(the bank) will very likely continue to make other efforts to dispose of it which may or may not include a public auction type sale and an opportunity for you to bid on the property again.

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Answered on 10/16/08, 12:05 am


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