If you want to buy foreclosed homes or real-estate-owned (REO) homes, JPMorgan Chase & Co. may have homes in your area priced below market value.
If you want to buy foreclosed homes or real-estate-owned (REO) homes, JPMorgan Chase & Co. may have homes in your area priced below market value. Before you start looking for a JPMorgan Chase REO, it helps to know how a house becomes an REO home.
What is a Real-Estate-Owned Home?
When homeowners cannot pay their mortgages, lenders begin foreclose procedings. Homeowners are given a certain amount of time to pay past-due payments, but if they cannot, the homes are foreclosed. Lenders try to auction most of these homes, but if the homes don't sell at auction, they become bank-owned or REO homes.
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What to Expect When You Buy an REO Home from JPMorgan Chase
When you buy a real-estate-owned home from JPMorgan Chase & Co., you may pay a price that is lower than what the home is actually worth. Although a Chase REO home is sold "as-is," the bank will still price it close to market value. It's important to have the home inspected to disclose any major problems. A home inspection also helps you make an offer that reflects the cost of needed repairs.
If you are interested in finding foreclosure listings other than REO properties, go to this article. It explains several ways to find foreclosure listings and how to buy them.
How to Buy an REO Home from JPMorgan Chase?
If you are interested in purchasing a real estate owned home from JPMorgan Chase & Co., you can check out its listing of REO homes on its website. To buy one of the listed homes, you need to contact the real estate agent responsible for the listing. If you have your own realtor, ask him to present a written offer to the JPMorgan Chase real estate agent. If you need help finding a local agent, go to Reply!
To compare listings of real-estate-owned home from JPMorgan Chase to other banks, go to this article for website links to other major bank systems and government agencies with thousands of REO properties for sale.