mortgage company rescinded the sale after the winning bid

[Kris Haskins]

Yo BP, I closed on a house the other day, but at the same time the foreclosing trustee was auctioning off the house at the courthouse steps in Virginia. I know, this is weird. Apparently the listing agent didn't think it was something us, as the buyers, should've known for whatever reason. We could've closed the day before...... SO the house did sell, and the buyer put up his EMD. In VA it's 10% of the Purchase price. My title co. recorded my deed, but did not release my funds to the seller's mortgage co.

    The next day, a rep from the lender says they're going to cancel the foreclosure sale and go w/ my sale, which was a bit higher.  Fast forward two weeks, we've finally got notice from the foreclosing Trustee the lender is generating a new payoff for us.  My question:

Has anybody here had a bank cancel a foreclosure sale that has taken place, to then go with another offer from an on market property?  Thx BP, You all ROCK!!!