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REO & Bank Owned Properties FAQs
Timothy Almeida edited this page 6 days ago
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REO & bank owned residential or commercial properties FAQs
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Chase Real Estate Owned Properties
Definitions
What is a bank-owned or "REO" residential or commercial property?
Real Estate Owned or "REO," is a banking term utilized to describe a residential or commercial property that was obtained by a bank, loan provider or servicer as an outcome of a foreclosure or deed-in-lieu of foreclosure. Once the foreclosure or deed-in-lieu of foreclosure process is completed, the title has been transferred and the residential or commercial property is all set to be marketed, it will be available for sale through a local genuine estate agent.
Who would I get in touch with if I have questions about a residential or commercial property?
All Chase REO residential or commercial properties are listed with a local genuine estate agent. The local property representative is your finest source for details about the residential or commercial property. The listing agent's info is normally located on a "For Sale" indication in the backyard or a quick web search of the residential or commercial property's address will result in sites with this information.
Is a list of Chase foreclosures readily available?
Due to personal privacy concerns, we do not offer lists of residential or commercial properties in the foreclosure procedure.
Buying a Chase REO residential or commercial property
Does Chase sell REO residential or commercial properties straight to the public?
No, the regional listing real estate agents coordinate with potential buyers and present all offers to us.
Does Chase sell residential or commercial properties at a discount?
We note and sell residential or commercial properties at their reasonable market worth.
Can I make an offer on a residential or commercial property before the foreclosure is total?
Yes, in some cases a residential or commercial property is listed for sale by its owner prior to a foreclosure sale. You can present a pre-foreclosure deal to the owner's listing representative for the residential or commercial property, not us. Your realty agent must have the ability to deal with you and assist you provide an offer to the owner's realty agent.
How can I acquire a REO residential or commercial property from Chase?
We make use of select nationwide suppliers to handle our REO residential or commercial properties. These companies utilize numerous local agents to market and offer the residential or commercial properties. Any provings and deals need to be channeled through the local representatives.
We currently make use of the following service providers: 24 Asset Management Corporation/ 24asset. com
Offers for Chase REO residential or commercial properties should be made through the listing real estate representative.
I already have a property representative. Can I provide a deal to you through my real estate representative?
You can ask your realty representative to write your deal and present it to the local realty agent, who'll then present it to us. The sale of the residential or commercial properties follows standard real estate procedures relevant to the state where the residential or commercial property lies.
Can I examine the residential or commercial property?
If residential or commercial property being acquired is vacant of occupants and personal belongings you can set up a residential or commercial property examination if you have a fully carried out sales contract with us to purchase the residential or commercial property. Any evaluations will be at your cost and must be scheduled through the listing representative. All Chase REO residential or commercial properties are offered and sold "as is," "where is," and with "all faults" basis without representation or guarantee. Similar to any other realty deal it is the duty of the purchaser to schedule any evaluations they consider required.
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Financing
Do you use financing alternatives on the Chase REO residential or commercial properties?
Yes, we might use funding for particular residential or commercial properties. Please contact the Home Lending Advisor at your local Chase Bank branch for more details about our funding choices.
Tenant, Relocation Assistance, Other
I am a genuine estate representative. Can I list Chase REO residential or commercial properties?
Chase does not work with property agents directly. We make use of a chosen nationwide company to manage our REO residential or commercial properties. This company employs regional representatives to market and sell the residential or commercial properties.
You can reach this provider through the following channel:
24 Asset Management Corporation - Email: vendormanagement@24asset.com!.?.! I am a tenant in a foreclosed residential or commercial property. Who should I get in touch with? The regional realty representative appointed to the residential or commercial property will attempt to make contact with you after the foreclosure sale. You can likewise connect to the law company who handled the foreclosure to learn more. Relocation Assistance may be offered on a case by case basis to help in moving expenses. The regional realty representative will attempt to make contact and will be able to offer extra information. Follow us: -Facebook- Instagram- X, formerly Twitter -YouTube -LinkedIn -Pinterest Chase Home Lending We provide a range
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