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

 

Thanks

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Here is where you can see if that listing agent is good at what he/she does...take at least I am suspecting an email at least saying the foreclosure would be postponed and she needs to get the people she was dealing with at Chase to rescind the foreclosure... most banks only postpone only 48-72 hours before and while you are still in the 10 day periord getting it rescinded is possible...but it is going to take that seller and that listing agent to work on this come tomorrow...Good Luck...and hopefully your buyers offer was a high enough percentage of market value...because if it wasn't...that also could have caused lag time and lack of communication as well.

Good Luck again-
As long as your state does not have a redemption period and the sheriff/trustee sale is final, it will normally take anywhere from 3-8 weeks for the house to go on the market. The bank will list it (they don't relist it as they didn't have the listing before, the seller did). Just a question of when.

Banks are taking more and more time in doing this with all the troubles lately so you may be in for a long wait. Check the house after it is vacated to see if it is posted. If so, there should be contact info on who will be listing the property. If that happens let the new listing agent know you have an interested party.

Good luck. Just a matter of persistance.

Steele
Hi Melissa, Thakn you for the info. I think the agaent was told verbally and there were no emails or anything but I will reach out to her. It was a fair offer at market value = )
Kelly:

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).
Thank you




Steve Early said:
Kelly:

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).

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