My Buyers had an offer on a SS for 3 months. Chase told the listing agent they would postpone the foreclosure but they didn't and they foreclosed on the home on Friday. My clients are devastated and still want the home. Any tips or advice on what to do? I assume and hope the bank will relist it. Wondering how long that usually takes. any help would be appreciated
Since the listing agent is authorized to speak to Chase, the least s/he should do for you is make a call and see who bought it at auction (Chase probably bought it back for the investor but you never know). Have them try to find out who it will be listed with. Major investors like Fannie and Freddie have brokers that get all their REO listings in a specific geographic area. The auction attorney also may or may not be willing to share that information with you directly.
And, as Melissa mentioned, until or unless these things are in writing this kind of stuff can most certainly happen. We have negotiators tell us all the time that they will "try to get the auction postponed". Occasionally they will say they are "confident it will be postponed", and then we learn it went to auction. We lost one like that just this week. While the negotiator thought it made sense to postpone, the investor ran the numbers and determined they were better off to foreclose (it would have been the 4th postponement and we DID have a buyer waiting to get a closing date).