REO stands for “Real Estate Owned” by banks and other home lending institutions. Chase Bank division of JP Morgan Chase repossess the properties that failed to sell at a foreclosure auction for any reason. Such repossessed bank foreclosure properties by Chase Bank are referred to as Chase Bank REO Properties. Chase Bank is one of the major lending institutions in USA. The consumer and commercial banking operations of JP Morgan Chase Bank are handled through the Chase bank division. Before its merger with J.P.Morgan & Co in 2000, it was known as Chase Manhattan Bank. The merger of Chase National Bank and the Bank of Manhattan led to the creation of the previous banking behemoth in 1955. The headquarters of the bank is located in Chicago, Illinois.
Chase Bank REO Department
The internal REO department at Chase manages the entire process dealing with REO homes. Banks are primarily motivated to dispose off these REO homes and properties as soon as they are taken on their books as non-performing assets. REO Asset Management companies are usually employed to handle the entire process related to selling off these repossessed foreclosure homes. Sometimes, like in the case of Chase Bank, the REO inventory is substantial. Due to this, the Chase Bank REO department finds it economical and streamlined to take care of the entire REO Process related to buying Bank REOs.
Chase Bank REO Listings
Real Estate investors can profit nicely by locating properties with good equity potential from the Chase Bank REO listings. Once a property is taken on the books of the bank, they list it through qualified and pre-screened Real Estate REO listing agents. Big investors do directly contact the internal bank reo departments and negotiate with asset managers to buy properties in bulk. These bulk reo deals are usually not accessible to small-time residential real estate investors. Chase Bank has home mortgage lending operations through out the country. Because of this, the Chase Bank REO Listings contain properties in all 50 states in the country. The states with substantial REO inventory are the ones that have the highest number of foreclosure listings like California, Florida, Nevada and Arizona. Single-family homes such as town homes, condos along with multi-family reo properties such as duplex, triplex and fourplex homes also can be found through Chase REO listings.
Chase approved REO Listing Agents
Listing agents who specialize in handling bank owned REO homes in their locality are employed by Chase Bank REO department to handle the management and upkeep of the property along with process of MLS listings, BPO (Broker Price Opinions) and finally the contract negotiation with qualified real estate buyers. The competition is fierce among REO listing agents to become the exclusive source for a given area. Usually in a given zip code two to three reo agents become the preferred REO agent. By establishing good working with these Realtors, real estate investors can get a heads up about upcoming chase reo homes on the market.
Buying Chase Bank Owned REO Properties
First check the REO website of Chase that lists the bank REO property. The site provides the basic info related to property listing such as the sales price, property pictures, description and the REO listing agent info. Contact this agent to visit the property and if it meets the expectations, begin the negotiating process. Several investors over the past few years have benefited immensely by buying Chase bank owned REO properties.