Re: How can you purchase a foreclosed home?

Posted by steele in minnesota on February 16, 2006 at 22:25:27:

In Reply to: Re: How can you purchase a foreclosed home? posted by Dduffell on February 16, 2006 at 20:41:59:

: The property went to public auction on the 7th of February and because of no bidders the bank now owns the home. The major problem that we are having is finding the right person to contact at Chase. Apparently they are both BankOne, Chase, and JP Morgan. It is not easy finding the correct number or even getting in touch with someone in the REO Department.
: Correct me if I am wrong, but would we not be able to get a better deal on this property before it is placed with an REO Management Firm? The problem is if Chase is willing to deal with our Realtor or just wait until is it contracted with the REO firm.

**********************************

Thank you. That is the information needed. In fact, the bank won the bid at auction as no one bid against them. We see that all the time in Minnesota as we normally have six month redemption period and few investors want to tie up their money on a "maybe" situation.

I understand the frustration with Chase. They do have a number of divisions and tracking down the right one can be a chore. One thing you are probably mistaken about is the thought that an REO Management Firm is not already involved. If Chase uses one in your area they are long involved. In fact, from the beginning of the foreclosure process as most of them handle most of the process for the banks. Most lenders have long outsourced the foreclosure process. So the question might be who does Chase (or Bank One or JP Morgan) use in your area. Once identified, this asset management company will have a local real estate agent who has been monitoring the property from the beginning of the process. An REO Specialist.

So even if you get the right person at the right department you may find yourself bounced to first an asset management company and then to their local real estate firm.

It usually isn't an easy process but you and your agent need to keep plugging away. I'll search through my data base to see if I have any contacts at Chase and post that info tomorrow (if I have it).

Unless someone else has the contact info...?

Steele V. Propp
Foreclosure Specialist
Minneapolis, MN
steelep@aol.com

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: : The property went to public auction on the 7th of February and because of no bidders the bank now owns the home.  The major problem that we are having is finding the right person to contact at Chase.  Apparently they are both BankOne, Chase, and JP Morgan.  It is not easy finding the correct number or even getting in touch with someone in the REO Department.  
: : Correct me if I am wrong, but would we not be able to get a better deal on this property before it is placed with an REO Management Firm?  The problem is if Chase is willing to deal with our Realtor or just wait until is it contracted with the REO firm. 

: **********************************

: Thank you.  That is the information needed.  In fact, the bank won the bid at auction as no one bid against them.  We see that all the time in Minnesota as we normally have six month redemption period and few investors want to tie up their money on a "maybe" situation.

: I understand the frustration with Chase.  They do have a number of divisions and tracking down the right one can be a chore.  One thing you are probably mistaken about is the thought that an REO Management Firm is not already involved.  If Chase uses one in your area they are long involved.  In fact, from the beginning of the foreclosure process as most of them handle most of the process for the banks.  Most lenders have long outsourced the foreclosure process.  So the question might be who does Chase (or Bank One or JP Morgan) use in your area.  Once identified, this asset management company will have a local real estate agent who has been monitoring the property from the beginning of the process.  An REO Specialist.

: So even if you get the right person at the right department you may find yourself bounced to first an asset management company and then to their local real estate firm.

: It usually isn't an easy process but you and your agent need to keep plugging away.  I'll search through my data base to see if I have any contacts at Chase and post that info tomorrow (if I have it).

: Unless someone else has the contact info...?

: Steele V. Propp
: Foreclosure Specialist
: Minneapolis, MN  
: steelep@aol.com


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