Chicago Investors: Has anyone done business with Chase Foreclosure?

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Christian Chase
Residential Real Estate Broker · Naperville, IL · Member since 2016 · 8 posts · 2 votes
9y

I am the owner of Chase Real Estate, LLC, we do not wholesale property. We have direct relationships with bank REO departments and are assigned inventory from them. When you purchase a property, you are buying directly from the bank - we do not mark up. We do earn commissions for brokering these properties, typically 2.5% - 3.0% paid by the bank. We have a system (team) of bankers, lenders, and renovation contractors to assist our clients when they purchase a foreclosed property. These are strategic relationships that save our investors time and money on each deal.

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  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    12y

    I'm always suspicious of these guys who set up LLC's to sound like they're part of some big bank. There are a few down here who do that.

    0Reply
  • Paul Z.
    OP
    Investor · TX · Member since 2013 · 158 posts · 22 votes
    12y

    @Wayne Brooks It doesn't appear to me that they are a bank. They may have "relationships" with banks however.

    I'm more interested in how they advertise their business model. Focusing specifically on finding foreclosures and marketing them specifically to investors. It appears they also provide an investor summary (they call it a Foreclosure Acquisition Binder) to those on their list with complete analysis (although I wouldn't take it at their word).

    Here's an example of one of their FAB's that I found when I was Googling around:

    http://www.chaseforeclosure.com/pdf/1259859653.pdf

    Just looking for high integrity brokerages that understand investors. Trying to find out if this is one of them.

    0Reply
  • Wendell De Guzman
    Investor · Chicago, IL · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    No I have not heard of them.

    0Reply
  • Jeremy W.
    Investor · Chicago, IL · Member since 2014 · 144 posts · 34 votes
    12y

    Interesting. A few things:

    Why are closing costs different from buy to sell? Shouldn't both be $3k?

    He needs to better detail rehab costs, there is no why behind the 7800

    Comps look good. I'm curious too about the business model. Why aren't they doing this themselves?

    0Reply
  • Brie SchmidtBusiness Member
    Moderator
    Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
    12y

    @Paul Z. - This is very old right? The comps are from 2009

    Podcast Guest on Show #132
    Second City Real Estate4.821 Reviews
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  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    LOL....Chase is the guys last name. These guys buy a lot on HUD and work a lot more in west burbs.

    [email protected]630-781-6744Podcast Guest on Show #72
    GC Realty & Development LLC4.61061 Reviews
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  • Paul Z.
    OP
    Investor · TX · Member since 2013 · 158 posts · 22 votes
    12y

    @Jeremy W. I could see how the buy side closing and sell side closing can be slightly different depending upon what you offer and how you process (i.e. adding on a home warranty or splitting closing costs with buyer etc.)

    One of my "major" concerns regarding their Summary has to do with how they justify rehab costs. So many factors come to mind regarding how they come up with the final numbers. Apparently they have their own rehab team that gives them their initial estimates.

    It appears that they are a brokerage that specifically wants to niche within the buy and sell side between investors/occupants. They're probably investing themselves individually as well, but the amount of revenues that they can create through fees and commissions by simply servicing investors is probably worth it (assuming you get the right system in place).

    I have a sit down meeting with Christian and his managing broker next Thursday btw.

    0Reply
  • Paul Z.
    OP
    Investor · TX · Member since 2013 · 158 posts · 22 votes
    12y

    @Brie Schmidt yep these are very hold. That one just happens to be one I stumbled upon while "Googling" around. Which essentially led me to the website.

    0Reply
  • Paul Z.
    OP
    Investor · TX · Member since 2013 · 158 posts · 22 votes
    12y

    @Mark Ainley care to elaborate a bit more on what you know about these guys?

    0Reply
  • Jeremy W.
    Investor · Chicago, IL · Member since 2014 · 144 posts · 34 votes
    12y

    @Paul Z. Great!

    Please get back, and tell us if they seem legitimate

    0Reply
  • Mark AinleyBusiness Member
    Property Manager · Roselle, IL (Chicago Suburb) · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    I don't know much more about them other than they are active, they buy a lot of HUD homes and REOs, and never heard anything negative or positive.

    [email protected]630-781-6744Podcast Guest on Show #72
    GC Realty & Development LLC4.61061 Reviews
    WebsiteView Page
    0Reply
  • Paul Z.
    OP
    Investor · TX · Member since 2013 · 158 posts · 22 votes
    12y

    Thank you @Mark Ainley

    Once I have my meeting with them I will post the outcome and my thoughts.

    0Reply
  • Scott W.
    Real Estate Investor · chicago, IL · Member since 2012 · 1k+ posts · 231 votes
    12y

    I know these guys. Here is what they do.

    But the homes at the auction. Mark it up and Post them on their website. Investors pay for the markup.

    There was one that they bought for 60k and was listed on their website for a sold price of 90k.

    They outbid everyone cuz they wholesale it.

    0Reply
  • Christian Chase
    Residential Real Estate Broker · Naperville, IL · Member since 2016 · 8 posts · 2 votes
    9y

    I am the owner of Chase Real Estate, LLC, we do not wholesale property. We have direct relationships with bank REO departments and are assigned inventory from them. When you purchase a property, you are buying directly from the bank - we do not mark up. We do earn commissions for brokering these properties, typically 2.5% - 3.0% paid by the bank. We have a system (team) of bankers, lenders, and renovation contractors to assist our clients when they purchase a foreclosed property. These are strategic relationships that save our investors time and money on each deal.

    1Reply
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