Anyone Still Finding Good Deals on the MLS?

Question

I hear a lot of investors say there aren’t any good deals on the MLS, but how many are actually putting in offers?

Just because a property is listed at 280K doesn’t mean the seller won’t take 230K. The numbers still have to work, but you won’t know how flexible they are unless you start the conversation.

It also takes time to go through properties, run numbers, and put in offers that might go nowhere. I do get why people get tired of that process, especially when you spend hours on offers that go nowhere.

Is the MLS really picked over, or are people passing because of the asking price and the time it takes to get something accepted?

Curious what you guys think. Anyone bought a good deal off the MLS recently?

Daryl Correia · Answer

I buy about 90% of my deals off the MLS

Drew Sygit · Answer

Before the Great Crash, experienced invesotrs:

Looked at 100 properties

Made offers on 10

Hoping 1 motivated seller accepted

Too many investors don't want to put in the necessary work and would rather pay more for a "turnkey" rental.

Marcus Auerbach · Answer

Yes, at least 95% MLS. Just closed 2.

The advantage is that the seller is already prepared and the deal is already structured; the listing agent has done a lot of work before the property and the seller is also mentally ready to accept an offer.

The questions weather MLS or off-market has been the same for the 15+ years I have been doing this. Houses did cost a third back then.

Yes, MLS is competitive on hot new listings, but 1 in 5 expires without a sale - and many have never received a single offer. You will find opportunity where you look, and in my case I look on the MLS.

Divin Kanyama · Answer

@Patrick McKeown The MLS is competitive, but that does not mean every listing is priced at the seller’s true bottom line. Asking price is only a starting point, and motivation can change after a property sits, a contract falls through, or the seller faces a timing issue. Investors who consistently review listings, run the numbers, and make defensible offers will usually see more opportunities than those who dismiss everything based on list price alone.

That said, volume should not replace discipline. A lower offer should still be supported by comparable sales, repairs, carrying costs, and the required margin—not simply thrown out to see what happens. Price is also only one lever; flexible closing dates, fewer contingencies, seller credits, or certainty of execution may solve a seller’s needs without overpaying. The tiring part is that many offers will go nowhere, but tracking stale listings and following up after several weeks can be where the real opportunity appears. Good MLS deals are probably less obvious today, not nonexistent.

Jorge Vazquez · Answer

Good to see you doing well, Patrick. I agree, there are still deals on the MLS if you’re willing to dig and make offers based on your numbers instead of the asking price. I’d also look at subject-to opportunities, especially when the seller has a low interest rate. If you can solve the seller’s problem and preserve favorable financing for the buyer, it can be a real win-win. Sometimes the best deal isn’t just negotiating the price , it’s negotiating the terms.

Joel Bongco · Answer

Aloha Patrick, I purchase 95% of my deals off market. It can be distressed, vacant, probate, etc. Please DM me if you want to find something in your own backyard. Aloha! Joel

Dan Worth · Answer

One filter I like on listed properties is checking the public record before writing an offer. A listing that also has back taxes, an open code violation, or a recent foreclosure filing usually means a seller on a clock, and that's where a below-ask offer gets taken seriously.

Alejandro Lopez · Answer

It really does come down to volume and patience. You can definitely still pull deals off the MLS, but the biggest hurdle is usually seller psychology. Once a home is listed publicly, the seller is almost always anchored to a retail number and hoping an emotional buyer walks through the door.

That’s why I ended up spending more time looking off-market. It’s definitely not a magic shortcut, but having direct conversations usually lets you focus on solving a specific problem (strict timeline, heavy deferred maintenance, probate) rather than just fighting an uphill battle against a list price.

For those of you still making the MLS work right now, are you submitting formal offers on everything to see what sticks, or calling listing agents first to gauge how flexible they actually are before spending the time running comps?

Matthew Morrow · Answer

@Patrick McKeown you're right that a lot of people never actually write the offer. Most of my own early deals came straight from sellers, not the MLS, but the investors we work with still find them there. The ones who do run their numbers, offer on those numbers, and don't take the no personally. It usually shows up on listings that have sat, or where the photos scare off the retail crowd. Volume of offers matters more than people want it to. Curious what others are seeing.

Alan Siebenaler · Answer

A lot of people find this hard to believe so I'll post the news article below, but I sold a flip for $1m over asking price that I bought on the MLS here in Santa Barbara CA.

Yes you read that right. I bought it for $2.5m, and put $750k into it and put it on the market for $3.9m and it sold for $4.9m with 7 offers.

Not only was it on the MLS but as a real estate agent I showed it to everyone I could find that was a real estate investor, and I even held open houses and no one was making an offer.

This was 2 years ago in 2024 but the market and interest rates were not easy like they are now.

It needed a lot of work, but the views of the ocean were absolutely amazing.

Other people couldn't see the potential and somehow I could.

With the right skills, and getting out there and viewing properties and making offers you can for sure find deals on the MLS.

Here is the news article. The address was 810 Largura Place. I hope this inspires someone!

https://www.sitelinesb.com/lower-riviera-spec-reno-sells-for-more-than-a-million-over-ask/

Anyone Still Finding Good Deals on the MLS?

Anyone Still Finding Good Deals on the MLS?

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