How can I buy Chase REO before MLS Listing?

Question

I have been scouring a certain zip code ad nauseum for a property.  I found a property that is recently foreclosed upon by Chase.  I pinged the various agents who get listings in the past and they don't know much about the property.  Indeed, it probably won't go to MLS for some time.

How do I accelerate this process or find a contact at Chase to understand their timing?  I would love to of course take the property off their hands today, but I also would consider learning more about the property/timing a victory.

This is a Texas property.

Sib Bahjat · Answer

Companies like Chase, Bank of America, Wells Fargo and etc.., will only utilize local agents. All of these banks have "asset managers" which handle these properties. It is very difficult to get a hold of these asset managers to buy direct. They rotate the managers quite often. You would have a better chance getting a decision maker at local banks such as First Financial, Bank of Texas and etc.. Will is absolutely correct, these large banks are selling their inventory in bulk now.  If you find a way please keep us posted. Good luck!

Simon Campbell · Answer

As Andy  Chu stated, until the property is listed with a real estate agent, you will not be able to purchase the property.  In fact, here is what Chase states about their policy regarding REO properties:

"Please note that we use local real estate agents to coordinate all matters related to the potential sale of these properties. Chase does not negotiate or accept any offers directly. All inquiries must be made to the real estate agent assigned to the property."

There are quite a few websites that list REO, short sales, auctions and other distressed properties that are presently available for sale.  Many of these sites allow you to search by zip code. Hope you can find what you are looking for.

Will Barnard · Answer

It may NEVER go to any agent as it has a good chance of going directly to any one of the 3 or 4 major hedge funds. This is one of the trends adding to the problem of low inventory. The shadow inventory we all heard about coming out for the last 2 years now, while in existance, will never come out other than in one's and two's, the rest going out in bulk.

This is one of several reasons why you see the majority of listings as short sales and standard sales now, in contracst to when the larger majority of listings were REO's.

Ethan Brown · Answer

Most likely the property will go to an REO agent. Your best bet is to wait till it hits the MLS or contact the Listing Agent and try to submit an offer as early as possible.

Curt Davis · Answer

Major banks use REO agents and this will not change.  You will not be able to contact anyone at Chase to help you get deals before they hit the MLS.  Good luck

David Niles · Answer

Dont be surprised if they are asking top buck for it, most seem to right up to the point it goes to auction for a third of the price.

Andy Chu · Answer

You won't be able to find out, but you can start guessing by using the following link. https://servicing.chase.com/REO/Property/FeaturedProperties