Q: My Mom's home was sold by auction and the contract signed by buyer stated the buyer must have the money to close
Within 30 days of sale. I am being told by auctioneer the buyer will not have the money within the 30 day time frame. Isn't this a breach of contract? What can be done by the Seller?
A: I'm confused by the question. Was this a forced, foreclosure sale, or was this a marketing approach? If your mother still has an interest in the property as the Seller, then you need to review the contract to determine whether you can keep the deposit and then re-auction the property. If this was a foreclosure sale, it may require court intervention to remove the lis pendens. Consult a Virginia lawyer.
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