Chase is one of the largest banks in America. With their takeover of Washington Mutual in 2008, their size and reach have 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 homeowners and investors defaulting on their loans. California, Nevada and Florida were 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.