Chase REO Properties: How to Find and Buy Chase Bank Foreclosures

What are Chase REO properties?

Chase REO (real estate owned) homes are properties that JPMorgan Chase Bank, N.A. acquired through foreclosure or a deed-in-lieu of foreclosure. Once the bank owns the home, it sells it on the open market.

Many people search for “JPMorgan Chase Bank NA REO properties” because that legal name appears on deeds and county records. It is the same bank. Chase acquired Washington Mutual and Bear Stearns in 2008, which added to the mortgages it services.

How to find Chase bank owned properties

Because Chase does not publish a foreclosure list, you have to find its homes the same way you find any listing. There are two practical routes.

1. Look for the “For Sale” sign

Chase REO homes are marketed by local agents. The yard sign names the listing agent and brokerage, which tells you who to call.

2. Search the address online

If you already know the address, search it on a major listing site or ask your agent to look it up in the local MLS. The listing will show the listing agent.

Some listings say “bank-owned” or “REO” in the remarks, but not all of them name the bank. To confirm a home is a Chase foreclosure, check the most recent recorded deed at the county recorder’s office. It will show JPMorgan Chase Bank, N.A. (or a related entity) as the owner.

Who is 24 Asset Management Corporation?

Chase’s REO FAQ says the bank uses 24 Asset Management Corporation to handle its bank-owned homes. 24 Asset Management employs local real estate agents who list, show and sell the properties.

Real estate agents and vendors who want to work on Chase REO assets can contact 24 Asset Management at vendormanagement@24asset.com. Buyers should not use that address for offers; offers go to the listing agent for each property.

How to buy a Chase REO home

1. Get prequalified or preapproved. Ask a Chase Home Lending Advisor whether Chase financing is available on the home, or get a preapproval from another lender. Cash buyers should gather proof of funds.
2. Find the listing agent. Use the yard sign or search the address online.
3. Decide on representation. You can work with the listing agent, or hire your own agent to write the offer and send it to the listing agent.
4. Tour the property. Bank-owned homes may have been vacant for months. Look for water damage, missing fixtures and signs of deferred maintenance.
5. Submit your offer through the listing agent. Chase will not accept an offer sent directly to the bank.
6. Price it from comparable sales. Chase lists and sells at fair market value, so an offer far below recent nearby sales is unlikely to be accepted.
7. Inspect and review the contract. Build an inspection period into your offer. Read any bank addendum with your agent.
8. Close under your state’s normal rules. Chase follows standard sale procedures for the state where the home sits.

What if the home has tenants?

Some Chase foreclosures are occupied. Chase says the local agent contacts tenants, and relocation assistance may be available on a case-by-case basis. If you are buying an occupied home, ask the listing agent who will be living there at closing and what local tenant laws apply.

Chase vs. other bank REO programs

Chase’s approach is different from banks that run their own search sites:

• Bank of America foreclosures are listed on the bank’s own Real Estate Center.
• Wells Fargo REO is sold by its Premiere Asset Services division at reo.wellsfargo.com.
• Citi left mortgage servicing in 2017 to 2018, so its old loans are now handled by other companies.

To see bank-owned homes by location, browse our banks holding foreclosed homes in each state.