Residential Real Estate Broker · Dania, FL · Member since 2013 · 148 posts · 34 votes
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?
Real Estate Investor · Chicago, IL · Member since 2014 · 2 posts · 1 vote
12y
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...
Investor · Las Vegas, NV · Member since 2011 · 188 posts · 116 votes
12y
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.
Rental Property Investor · NY · Member since 2013 · 844 posts · 350 votes
11y
@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.
Flipper/Rehabber · Seattle, WA · Member since 2014 · 54 posts · 19 votes
11y
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?
Boston, MA · Member since 2014 · 11 posts · 3 votes
11y
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.
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