Going, going, sold to the highest bidder — not so fast.

Washington’s attempt to save an old house has been derailed, at least temporarily. During its Sept. 12 meeting, the City Council learned that Reilly Software is unable to buy the house at 507 W. Second St.

In January, the council voted to sell that property to Reilly Software for $3,500. The $3,500 offered by Reilly Software was the highest bid submitted for the property.

That property was an impetus behind the city’s demolition-by-neglect ordinance, which the city uses to keep historically and/or architecturally significant properties from deteriorating to the point they cannot be saved by rehabilitation measures.

The property is on the market, again.

During its Sept. 12 meeting, the council OK’d solicitation of offers to buy the property. The city, as it did the first time around with the property, is using the upset-bid process to sell the property.

During its discussion, the council indicated it will sell the property under specific terms outlining its rehabilitation and preservation. The council also is considering imposing a deadline for specific restoration-related work to be completed, or the property reverts to the city.

When the council voted earlier this year to sell the property to Reilly Software, Mayor Archie Jennings said the demolition-by-neglect ordinance will lead to other properties with historical and/or architectural significance being restored and preserved.

After the city receives an initial offer on the property, under terms of the upset-bid process, the “City Clerk shall then publish a notice that within ten (10) days of the notice any person may raise the offer through an upset bid(s) of not less than ten percent (10%) more than the first one thousand ($1,000.00) of the offer and five percent (5%) more than the remainder off the offer. When a qualifying upset bid is made, the bidders shall deposit with the City Clerk five percent (5%) of the amount of the increased bid and the Clerk shall re-advertise the offer in the amount of the increased bid.”

That procedure will be followed until no additional qualifying bids are received, at which time the city may accept the offer and sell the property to the highest bidder. At any time, the city may reject any and all offers and bids.