bidding on a foreclosure: Is this a SCAM? PLease help!

[Yolanda Jabeman]

I would very much appreciate any help or advice I can get. I am in a strange situation and I wonder if this is normal or if it is a scam. A month ago I bid in a foreclosed house owned by the VA and listed by Trillionaire Realty Assets. (I should say that my reason to bid in this property is not so much personal gain but a sentimental reason, and that is the only reason I stayed through the ordeal you can read below.)

Opening bid was 87,000. (The bank had foreclosed on the house for a debt of $111,000). My first bid was $105,000. The bid was entered to RIOGENIS by our agent (also working at Trillionare Assets Realty).

A few days later our agent got back to me and said the VA had opened the bidding again and we were requested to submit another bid. This felt strange, because we had been told that this was a "highest and best". Nonetheless, I increased the bid to 112,000.

A few days laterI was told that another bid had beenaccepted.

A week later I was told that the buyer had pulled out and they had opened the bids again. I was told to ONCE MORE submit our" best and highest".

One more time, I increased my bid, this timeto $120,000

My agent called me yesterday to say our offer had been accepted, I checked RIOGENESIS and it showed it as accepted. I was sent a contract by email and were told to sign it and bring it today, along with the earnest money check. I rushed out, got a cashier check, filled the contract and... just when we were about to drive to the Trillionaire Assets office, we were called by the broker of Trillionaire Assets (Chris Lawrence) and told that the offer had been UN-ACCEPTED AND THAT WE COULD BID AGAIN!!! The offer was opened again for more highest and best offers!?

IS THIS A SCAM? It seems to me a very unethical, abusiveway of doing business.

Any help or advice I can get I would appreciate very much. 

[Gregg Gannett]

They quit possibly are making you bid against yourself scam or not. Trust your gut and if having already offered your highest and best why raise it twice more? You opened the post with saying you are in it for "sentimental reasons" and thusly under different rules to make a decision than a typical investor would. Intersetingly, a previous offer fell through so any info from the Broker who is seeing both sides as to why? If the VA has to start over so do you with the initial offer as their actions have shown, they will come back for a "Highest and Best" either way. Good luck.