Chase REO properties are listed through their approved agents. All the listed REO homes can be freely accessed from the bank’s REO listing site. The sale price of a REO property is generally set at a level that is fair based on the local market values for similar properties. Depending on the property condition and local conditions, it’s possible to negotiate a sale price lower than the listing price.
Chase bank doesn’t deal directly with buyers interested in purchasing their REO homes. Information and other details about listed properties can be acquired through assigned listing agents.
All standard real estate procedures and policies are followed in the sale of a Chase REO home. A buyer’s agent can make an offer to the bank’s selling agent, who in turn submits all the necessary info and documents pertaining to the contract and negotiations to Chase. The final decision is made by the bank’s REO department and not the listing agent.
Chase Short Sales before Foreclosure Auction
An interested buyer can present before the property is foreclosed. During the pre-foreclosure process, the buyer can approach the borrower facing foreclosure and make an offer. If the offered amount is for less than the outstanding loan amount, it is deemed to be a “Short-Sale” and must require the approval of the note-holding lender or bank.
Chase generally accepts offers only on residential properties on which it has successfully foreclosed and obtained the title. A buyer’s agent can present a purchase offer in the proper format for a short sale that addresses all the necessary steps.
REO Property Inspection
Unlike foreclosures, buyers of Chase REO properties can inspect the prior to submitting the offer. Once an offer has been accepted, the buyer can use the services of a professional property inspector to assess the property’s condition. The cost of inspection must be borne by the buyer.
It usually shouldn’t cost anymore than $800 even for a very thorough home inspection on a REO property. The timing and access can be worked out through the Chase bank’s REO listing agent.
Getting a thorough inspection done on a Chase owned REO property is especially necessary as the bank offers no warranties on any of the properties it owns. It basically sells its REO inventory as “AS IS”.
Financing a Chase REO Home
In the current residential real estate lending market, financing of REO properties is proving to be quite difficult. Borrowers are often compelled to approach private hard money lenders to secure the funds required to buy a residential home. Depending on the property condition and underwriting guidelines Chase might be able to finance the purchase of their REO homes. One should contact their local Chase bank branch to determine their eligibility for Chase home financing.
JPMorgan Bulk REO
Big investors who have access to large amounts can purchase chase owned properties in bulk. Instead of buying an individual property, bulk buyers’ purchase pooled property packages put together by banks and lenders. In a typical bulk reo deal, 20 – 100 properties are grouped and then offered for sale. Due to their large size, bulk reo purchases come with great discounts and lower fees. Commercial REO properties owned by Chase may also be pooled together in bulk deals.
Anyone interested in buying or accessing bulk REO tapes offered by Chase, email: GM.BULK.PURCHASES@CHASE.COM for more information.