Foreclosure focus a new trend for real estate brokers

Christian Chase of Naperville wanted to be a stock broker. Instead, he's using his "buy low, sell high" training as a Realtor selling foreclosed residential properties.

In fact, his Chase Real Estate firm in Naperville, another Rolling Meadows-based firm called Re/Max at Home and others are among companies acting as one-stop shops for people who want to buy foreclosed or distressed properties. The firms also find lenders and hire contractors, then help owners resell or rent them out. Some even provide management services for the rentals.

"I've been doing this for 15 years," said Chase, 37. "There's always a volume of foreclosed properties."

While there is no clearinghouse for the number of such Realtors who now specialize in foreclosures and related services, industry experts said such firms are becoming destinations for people who want to invest in such properties. To show how interest has grown among foreclosures, Austin, Texas-based Distressed Property Institute trains Realtors to handle distressed properties. It opened in January 2008 and certified 1,100 Realtors during its first year. In about 11/2 years, it has certified 9,620 Realtors nationwide, a spokesman said.

While many Realtors are seeking such training, others have been in the field for many years, such as Chase Real Estate.

Chase Real Estate was started by Chris' father, Walter Chase, in the 1960s and has an office in Clearwater Beach, Fla., and in Naperville. Walter is now retired. Christian took over the Naperville office in 2006 after he worked for another real estate firm upon graduating from college.

Since graduation, Chase has moved seven times, always buying a foreclosed condo or home, fixing it up and then reselling it.

"I thought if I could just put all of the pieces of the puzzle together for me, I could do that for others," Chase said. "It's a lot more complex than just buying a regular home."

While his firm has specialized in foreclosure sales since 2006, when the market didn't have a glut of foreclosures, it has handled roughly 400 to 500 properties per year. It has 29 agents.

In Rolling Meadows, Re/Max at Home has an office that includes a design center so those who buy foreclosures can visualize the possibilities after closing.

Besides foreclosures, Tarabein said his firm handles distressed properties and short sales, for those who are in jeopardy of losing their homes to foreclosure, as well as estate sales after the homeowner dies.

"If it makes sense for the investors, we move forward," he said.

The office includes in-house lawyers, an educational center to help teacher homebuyers the basics when dealing with foreclosures, and the design center with designers and others to help refurbish the property.

"We help them with the paint, building and everything in between," said partner Basel Tarabein.

Tarabein oversees about 35 workers, including 3 designers. He also has construction crews available for rehab work.

"We don't subcontract out the work," said Tarabein. "They are one hundred percent controlled by me."