REO & bank owned properties FAQs

Real Estate Owned or "REO," is a banking term used to describe a property that was acquired by a bank, lender or servicer as a result 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 property is ready to be marketed, it will be available for sale through a local real estate agent.

All Chase REO properties are listed with a local real estate agent. The local real estate agent is your best source for information about the property. The listing agent’s information is typically located on a “For Sale” sign in the yard or a quick internet search of the property’s address will lead to sites with this information.

Due to privacy concerns, we do not provide lists of properties in the foreclosure process.

No, the local listing real estate agents coordinate with potential buyers and present all offers to us.

We list and sell properties at their fair market value.

Yes, in some cases a property is listed for sale by its owner prior to a foreclosure sale. You can present a pre-foreclosure offer to the owner's listing agent for the property, not us. Your real estate agent should be able to work with you and help you present an offer to the owner's real estate agent.

We utilize select national providers to manage our REO properties. These providers employ several local agents to market and sell the properties. Any showings and offers need to be channeled through the local agents.

We currently utilize the following providers:
24 Asset Management Corporation / 24asset.com(Opens Overlay)

Offers for Chase REO properties must be made through the listing real estate agent.

You can ask your real estate agent to write your offer and present it to the local real estate agent, who'll then present it to us. The sale of the properties follows standard real estate procedures applicable to the state where the property is located.

If property being purchased is vacant of occupants and personal belongings you can schedule a property inspection if you have a fully executed sales contract with us to purchase the property. Any inspections will be at your expense and should be scheduled through the listing agent. All Chase REO properties are offered and sold “as is,” “where is,” and with “all faults” basis without representation or warranty. As with any other real estate transaction it is the responsibility of the buyer to schedule any inspections they deem necessary.

Yes, we may offer financing for certain properties. Please contact the Home Lending Advisor at your local Chase Bank branch for further details about our financing options.