Chicago Investors: Has anyone done business with Chase Foreclosure?

Question

For those of you investing in Chicago has anyone done business with Chase Foreclosure out of Chicago, IL?

Account Closed have you heard of them?

Christian Chase · Answer

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.

Scott W. · Answer

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.

Paul Z. · Answer

Thank you @Mark Ainley

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

Mark Ainley · Answer

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.

Jeremy W. · Answer

@Paul Z. Great!

Please get back, and tell us if they seem legitimate

Paul Z. · Answer

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

Paul Z. · Answer

@Brianna S. 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.

Paul Z. · Answer

@Jeremy Wynn 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.

Mark Ainley · Answer

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

Brie Schmidt · Answer

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

Chicago Investors: Has anyone done business with Chase Foreclosure?

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