JP Morgan Chase is one of the largest financial institutions in U.S. They finance residential and commercial properties for occupancy or for investment. When a loan they financed turns bad due to non-payment by the borrower according to agreed upon loan terms, Chase forecloses on the property. If no alternative options are availed by the borrower, the property ends up at a foreclosure auction where it is sold to the highest bidder. If the property fails to attract a sufficient bid to satisfy the foreclosing entity’s outstanding deficiency, they may just buy it themselves and hold it as their REO inventory. Such repossessed homes acquired by Chase are held in their portfolio of REO properties.
About Chase REO Department
The entire inventory of Chase REO homes is maintained, managed and handled by their real estate division, Chase Home Finance Group LLC. The process involved in selling REO homes after they become owned by a foreclosing lender is generally managed either by their own internal REO departments or by asset management companies that specialize in this activity. Approved agents, brokers and vendors are employed by Chase REO asset managers to manage, maintain and sell repossessed REO homes.
A wide variety of real estate properties are repossessed and owned by JP Morgan Chase REO department after the conclusion of all necessary foreclosure proceedings. The majority of the properties among a bank’s REO listings are made up of residential single-family homes. Condos, multi-family homes, lots/land and commercial properties can also be seen in much lesser numbers. The primary function of Chase REO department is to sell off these repossessed, foreclosed properties at the earliest for a reasonable price based on the local market and property condition.
Contact the Chase Bank REO Division
As banks usually prefer to engage and communicate through their agents and approved vendors, it becomes very difficult for anyone to try and get in touch with someone in their internal REO department. A whole lot of information or contact details are not available on Chase website about its REO management division.
Chase utilizes the services of a few select national providers to manage and perform all services related to their residential REO inventory.
REO listing agents generally perform all essential services for Chase bank homes. Before even listing the property, an agent might be working to provide BPOs (Broker Price Opinions), maintenance and upkeep services. After listing the property, a Chase approved agent answers all buyers queries, sets up appointments, provides required contract addendums and forwards all properly submitted offers to the bank’s asset managers for approval. An agent that can deliver good results might be chosen as an exclusive service provider in a locality.
Chase allows real estate agents, brokers and other vendors to sign-up with them to receive business related to their REO property management and maintenance. In order to sign-up with chase as an REO service provider – or REO vendor – email them: REO.VENDOR@CHASE.COM. Contractors who offer property management services must get pre-approved in order to receive regular work in the areas they service. Vendors looking to work on a contract basis with Chase can also contact local agents that handle their REO properties to establish a work relationship. Despite the significant rise in REO listings, the competition can be intense among REO service providers to gain new prospects and business from Chase REO asset management department .