Are foreclosures in JPMorgan Chase tough to purchase
? Some may ask. The answer is no because the process is no different from all other real estate owned properties offered by other banking institutions. The company releases a list of their foreclosed home inventory to their licensed brokers and agents. They would require documents indicating a buyer's capability to pay for the property. And they are pretty open to negotiations and counter-offers.
What You Need to Do
Individuals can simply look for a realtor who officially represents foreclosures in JPMorgan Chase and inquire about the homes available for sale. These local agents work with buyers and communicate all the offers to the bank. Buyers can also log on to the bank's official web site to check out these properties. The listings on their site will have the contact details of the appointed agent. All properties are listed at fair market value.
Buyers who already have their own real estate agent representing them can still make an offer for a JPMorgan Chase foreclosure. The agent can give the offer to the bank's local representative who will in turn present the same to the bank. The sale of the bank's distressed properties adhere to the real estate rules and procedures prevailing in the state where the home is.
The bank may be open to accepting offers prior to the official foreclosure date under certain conditions. A buyer can make a pre-foreclosure offer to the owner of the property and if the offer is lower than the outstanding debt owed by the owner it needs to have the approval of the bank. This situation is called a short-sale. For this type of purchase, the buyer and his agent if any should still consult the local representative of Chase and coordinate with them.
Once an offer is accepted the buyer can schedule a home inspection. The cost of inspection will be borne by the buyer and it is highly recommended as all foreclosures in JPMorgan Chase are sold as is.