Buying REO from JP Morgan Chase/ US Bank NA

[Mitchell L.]

For those that have purchased a REO from Chase (it's an MLS listing) and have seen their crazy addendum which says that you are buying property with all faults/as-is/ nothing to title will be taken care of, etc... In your experience, have they given you clean title or not?

[Andrew Idowu]

Hi Mitchell!

I've bought a few REO's over the last two years and it really is up to you to make sure you are getting clean title... I don't think it's hard to do... It's just that the bank isn't gonna do it for you... Good luck out there cause REO's can still be a fantastic option despite the fact that all due diligence is completely up to you...

[Jesse Tsai]

I've purchased several dozen REOs and Im certain quite a few were from Chase.

In my experience, I have gotten a clean title every time. When it goes through title/escrow, I do carefully review the prelim.

I have also purchased quite a few quit claim properties, and have gotten clean title every time as well. I do pull title on those and go through it with a fine tooth comb.

If I were you, and I was OK with the physical faults with the property, I would just do my due diligence on the title, and proceed with it if comfortable with whats on it.

[Account Closed]

I buy Hundreds of REO properties from Chase, always a clean title.

[Eddie T.]

@Account Closed Would you happen to have email or phone number to their REO department. I am trying to get a hold of the decision maker for one of their REO properties because the broker knows absolutely nothing about the property.

[Phil Z.]

I have sold Chase properties and occasionally there were title issues that had to be cleared up before closing.

[Tiffany Noble]

Great question! To add are you finding good deals on REOs or getting below market value offers accepted? Also, are you able to put a contingency in the contract based on getting a clean title? 

-Tiffany

[James Leonard]

how could I get in touch to put in an offer?

[Wayne Brooks]

@James LeonardMLS is the only place you'll be able to buy them, or auction.com, homesearch, other public sites.

[Elizabeth Dawan-Abdullah]

It seems as though the west coast has ample access to the JP Morgan REO properties. There's a property in MA and the JP Morgan Chase site lists NO properties in MA.

[Colin J Jeffcoat IV]

This is a GREAT thread! I am about to make an offer on a Chase property and this has given me the confidence to move forward. Thanks for sharing :D

[Jim Crogan]

Hi Colin, did you ever put a clean title contingency in your offer? I did not see anyone reply to your question.

Thanks,
Jim

[Account Closed]

Originally posted by @Jim Crogan:

Hi Colin, did you ever put a clean title contingency in your offer? I did not see anyone reply to your question.

Thanks,
Jim

 There is no contract changes allowed I am in the process of purchasing a Chase property thru an auction site  You will have ample time to examine the preliminary title report and order title insurance