You then must post a "3 day notice" to pay or give possession.

We can't take possession of it immediately so we even asked him "can you wait till September for a cash deal?".

You have possession and ownership of the property for now, but the first can foreclose and you will lose it.  

Even if they can't afford to stay at the home, we can frequently regain possession quickly and in great condition, allowing us to turn the unit quickly and keep the home performing with as little expense as possible.

After discussing this with a real estate attorney I realize in this state I can not file for an Affadvit of Abandoment and take possession soon than the eight months indicated by the court.My attorney was able to tell me that the successful bidder receives a Certificate of Sale but does not receive title until a Confirmation of Sale of completed at the end of the redemption period.  

In Virginia, could I purchase the tax lien and take possession of the property somehow?

Once I Have Possession, I give them the money.

On the last foreclosure I bought, I then couldn't take out a traditional mortgage until the 6 month seasoning period was up after taking possession which was 6 months after the right of redemption (so 1 full year after purchase).This is a lot of sh*t to understand.

I've spoken with the owner-finance lender and she is willing to entertain changing the terms of the mortgage if we take possession of the house.

In the conditions of the sale of the house THEY could've put that they were not going to take possession until their lease was up.