REO is an accounting term commonly used to refer to the real estate acquired by a financial institution or a servicing company through a foreclosure. After the completion of all the formal and legal proceedings involved in a foreclosure process, the title of the property gets transferred to the lender or the institution holding the note. After this stage, the repossessing entity markets the REO property either through their approved agents or outsources to an external REO asset management company.
Search and Find Chase REO properties
Information and details related to reo properties listed for sale by the by Chase REO department can be accessed through the bank’s REO listing website. The various search options available on the site make it quite easy for buyers and investors to find the reo homes that meet their requirements.
Quite often buyers and investors feel anxious when a foreclosed property owned by the bank is not listed on Chase’s website. To make sure that Chase does indeed own a property, check to see if the title on the property mentions JPMorgan Chase or one of its affiliates. If not, then such a property may not be serviced by Chase and thus will not be listed in its REO listings.Even when a property is owned by the bank, it may not hit the market right away as a lot of preliminary steps need to be taken care of, prior to doing so.
Only those repossessed properties that are not occupied and in marketable condition are listed with agents. After an approved REO agent has been assigned, the property info is available on the listings website. Sometimes the title may also be held in the name of JPMorgan Chase’s predecessors such as “Chase Manhattan” or “Bank One”.
Buyers and investors should also note that it takes up to two full weeks, and in some cases much longer, for a Chase REO home to be put up for sale. One may check the “soon to be available” section on the ban’s REO website to see upcoming foreclosed properties to be listed for sale soon. As this section gets updated quite frequently, check often to keep up with new listings hitting the market in your area.
Among the REO property search options, not all cities in a state may be listed. Only those cities in which Chase has at least one property being offered for sale are listed under “Select City” tab.
To enquire about a property owned by Chase but not yet listed on their REO site, call (877) 584-3290 between 8am – 8pm CST Monday – Friday.
Contact a Chase REO Listing agent
The contact info of the agent along with property description, info, pictures and features can be seen on the listing detail page.
All queries regarding a listed property owned by Chase REO department must be addressed to the local agent handling the property. To schedule an appointment to visit the property, or to submit a written offer of contract, the right person to contact is the listing agent and not the bank, as Chase does not handle these aspects pertaining to their REO listings.