Frequently Asked Questions
What is a bank-owned property?
A bank-owned property, also called an "REO" (real estate owned) property, refers to a property that was acquired by a bank or lender as a result of a foreclosure or deed in lieu. Once the closure process is complete and title transfers, the properties are available for sale through a local real estate agent.
Who do I contact if I have questions about a property?
All REO properties are listed with a real estate agent. The local real estate agent is your best resource to information about the property. The agent's contact information is listed on the property detail on this Web site.
How can I purchase a bank-owned property from Chase?
Offers should be made through the listing real estate agent. The contact information for the agent is on the property listing on this Web site.
Can I make an offer on a property before the foreclosure is completed?
Perhaps. The bank is not the owner of the property until the completion of the foreclosure and transfer of title. Pre-foreclosure offers may be presented to the owner of the property, not Chase. If the offer is for less than the amount owned, this is referred to as a "short-sale" and will require Chase's approval. Your real estate agent should be able to assist you in presenting an offer on the property to the owner and working through the process with you.
Can I inspect the property?
Yes. You can get inspections on the property once your offer is accepted. The inspections will be at your expense and should be scheduled through the listing agent. The bank-owned properties are all offered and sold "as-is", and "where is" without representation or warranty so it is important that you perform any inspections that you deem necessary.
Do you offer discount financing on properties?
No. Chase does not offer any special programs or discounts on bank-owned properties. You may apply for financing through any source available to you, including Chase.
Are these properties only listed on this site?
No. The properties listed on this site may also be available on other sites or through your real estate agent. Chase lists REO properties with real estate agents who typically place them on their regional Multiple Listing Service (MLS). This means that information about the bank-owned property is available to all real estate agents and Web sites that display properties from the MLS.
How long does it take after a foreclosure sale for a property listed on this site?
The time line varies because of different state laws and other factors. In general, as soon as we are able to convey title the property will be listed. Please check back periodically for updates.
Can I purchase properties in Bulk?
If you are interested in bulk sale information please e-mail your request to gmbulkpurchases@wamu.net.
Do you sell your properties at a discount?
Chase lists and sells properties at their fair market value.
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