Rental Property Investor · Palm Bay, FL · Member since 2009 · 511 posts · 290 votes
I don't know if I'm posting this in the right forum but I'm sure Joshua or one of the moderators will guide me if I'm in the wrong place.
I got a lead on a house today that JP Morgan/Chase owns. It was foreclosed on back in April...the numbers so far sound good so I want to get a hold of the realtor that is going to list it so I can put in an offer as soon as it goes on the MLS.
Yes, I looked on their website. Yes, I looked on the county property appraiser, tax, and public records. That's how I have my information. It is not on the MLS yet. Called Chase, couldn't tell me anything, but I'm not convinced that they had no time for me, I was probably talking to the wrong department.
I've been creative in looking for this property, trust me....I know how to work the internet and phone. Is there anything else I can do? Anyone associated with JP Morgan/Chase (I don't think I'm that lucky)?
Hey Steph....I don't know what the asking price is, never said I did.....I just said I want to make an offer on it. I ran my numbers so I'm ready to go......
The larger question is what is the value of your time? You have already invested time into a deal where you don’t know the most important thing – who to contact to buy it.
Is it possible you can find who the right person is? Sure – it is possible but it isn’t probable.
What is more likely is that you will waste a lot of time. I would pay the neighbors a visit â€" give them $20 and tell them you will give the $100 more if they call you with the name / number of anyone going into that home….(or some cash donation). I would keep an eye on the MLS and your other sites and I would move on.
Spend your time on an actual deal where the players are known.
If you know some of the REO brokers in town I would call them and ask them who has the JP Morgan / Chase account locally â€" may not be one broker but may provide a lead â€" but having chased down my leads I have learned there are easier deals to pick - but that is just me.
Jake, that post did help...thanks, and I'm glad you didn't have to repeat yourself!
I have already contacted the realtors that receive the JP Morgan/Chase owned properties, so they have me on their list to send me the property if they do become the listing agent.
Scott, I understand what you are saying, however, as of right now, I might have spent a total of 1 hour or so on this, between phone calls, public records searches, and posts here. My time is valuable so believe me I don't have much of it to waste.
Like I said before, I already contacted the listing agents for these properties so that's where I'm at right now.
This does look like a pretty good deal that's why I'm not too quick to let it go.
I agree with your approach because most deals (including REOs) are done in pre-listed marketing. So doing all your due diligence in anticipation is the way to go.
I cannot add to any of the techniques you or others have mentioned, however I would like emphasize the importance of networking with the listing agents who handle REO's in your area. You will find this to be your best approach in the long run.
The previous owners owed 236K on the foreclosed mortgage. The comps selling in the area are 350K, with one selling at that just two weeks ago. My team is convinced we can pitch it to our investors for around 250K (with some room to lower the price of course)...and we were going to offer the bank 175K....which is 75% of the foreclosed mortgage that was owed.
Yes...they are preliminary numbers, but can you see why it looks like a good deal?
*Okay...I will need to add another 10 minutes to my total time on this deal* :)
J.P. Morgan chase sucks! I found a property owned by them I called them several times got the run around only to be told “MAM I DON’T KNOW WHAT TO TELL YOU BUT WE ARE BUSY HERE”! Poor customer service!