Does anybody care to share any systems they use to find below market properties on the MLS?
Here are a few ideas:
--Search a given grid in a given price (25K range). Start at cheapest price and go up in the list. Look for sq ft sizes that are out of place. For example, if 90% of the homes in the list are 2200 to 2400 sq ft, and one of the homes is 2900 sq ft, it could be worth checking out in more detail
--Set up a custom search with original list price and current list price. Set up original list price for a minimum of 500K. Set up a maximum current list price of 450K. Set up a days on market maximum of 60 days. This gives you a list of people who have dropped their home by 10% in only 2 months time. Such people might be motivated to move
These ideas don't guarantee you great deals, but they give you a better list of properties to scour rather than taking shots in the dark. I'd really like for other people to post their ideas. Keep in mind that most of us work in different states so we won't be hurting each other!
There's one (at least one) company here that lists properties of lower value than I see on the mls. Even if I input the mls# into the mls site, those often don't come up. Many of them are in less than desirable locations, so even renting them may be difficult. I don't know enough about flipping to comment on that for those houses.
And you're right--I forget about them, but I'm going there now to look and see what's there.
The thing with good deals on MLS is that they go FAST. The best deals are gone within a day and sometimes hours.
Here's what you'll want to do: watch the hotsheet. Check it once or twice everyday and review all the new listings in your MLS area. Of course, you'll have to know the market to know when a good deal comes up!!
Hope that might help.