What is an REO?
An “REO” is real estate which has been purchased by a bank after a foreclosure.
What are the advantages of buying an REO from Chase Bank?
Chase REOs are generally available for purchase for less than the fair market value of the property. Although REOs are no different from other property resales (except with respect to price), many people who purchase REOs do so for investment purposes and re-sell them or refurbish them for a quick and substantial profit. You should remember, however, that every property is unique, and results may vary.
What kind of financing do I need to purchase a Chase Bank REO?
You can pay all cash. If you dont plan to pay all cash, the financing you can receive will depend on the particular lender selling the property and the lender which is willing to lend you the funds to purchase the property. Typically, you can expect to pay 5 to 10% down for the property, plus closing costs. You may be able to finance the remainder of the property price. Please feel free to contact your local lenders who will assit you with financing. Chase might also assist their REO buyers with flexible and convenient financing options.
How can I evaluate the deal?
For starters, you should compare the price of the REO to the last sale price of the property. This can be done by reviewing area tax records. That way, you will know if you are paying less than the property most recently sold for. You can also ask a real estate broker for a “comparative market analysis” which can be used to compare the REO you are interested in purchasing to other similar properties in the area. In certain circumstances, a local Real Estateagent will perform a comparative market analysis for you for a nominal fee.
How do I buy the REO?
First locate the type of REO property you want to purchase and then contact an REO agent to expedite the process of buying n REO property. Agents with local experience and expertise can provide unmatched savings to purchasers of commercial and residential real property in the foreclosure market.