Chase is one of the largest banks in America. With their takeover of Washington Mutual in 2008, their size and reach has increased substantially. Washington Mutual during the real estate boom heyday was very active in all forms of mortgage lending including sub-prime, Alt-A & Option ARMs.
The sudden and rapid collapse in home values has astronomically increased the number of home owners and investors defaulting on their loans. California, Nevada and Florida were and continue to be the epicenters of the foreclosure filings. When these properties on which borrowers have defaulted fail to sell at the foreclosure auction, they become part of the bank reo inventory. Due to the sheer size and lending reach of chase, wamu combination, they have a substantial number of reo properties available for sale.
As I have mentioned in earlier posts, Chase REO Properties can be accessed through their reo asset management division. If you are a Realtor looking to list some of their reo inventory, then you have to contact them to get more listings. Their website also lists all the reo properties offered for sale by chase.Washington Mutual REO propeties can be accessed through their well presented site. Technically speaking WAMU is no longer its own entity, it is part of chase and will be integrated completely into it shortly.
Chase REO properties present a great opportunity for real estate investors and home owners. The broad residential price declines combined with credit crisis and severe recession are drastically affecting every home owner and real estate investor through out the country. The banks and mortgage lenders that have lent aggressively during the boom years are suffering from their customer payment defaults which eventually lead to foreclosure proceedings that culminate in a foreclosure auction. The properties that fail to sell or attract a bid that satisfies the bank’s reserve price are usually repossessed by the bank. These Chase bank owned repo or reo homes are usually handled by the REO department at Chase.
These Chase bank owned REO properties are treated as non-performing assets on the books of the bank. In addition, these reo properties also have expenses related to maintenance, property taxes etc. So banks are more inclined to sell them at the best price they can attract. This predicament helps investors looking for real estate bargains. By buying a home from Chase reo property listings a real estate investor can buying a residential single-family or multi-family property for upto 30% or less of the market value.
Chase REO Properties are mainly listed through realtors who signup as a vendor with their REO Department. The name of the agent handling the particular property along with other details are available through the Chase REO website (http://mortgage.chase.com/pages/other/co_properties_landing.jsp). The listings can be filtered by city, state and zipcode. But the application displaying the results is developed in Adobe Flash which makes it impossible to copy the listings into excel.