Finding Properties to Buy when Supply is Low

[Nickels Dimes Quarters]

Duplexes, Tri-plexes and Four-plexes are nearly impossible to find right now in my area. Does anyone have suggestions on how to find properties that aren't listed in the traditional manner on the MLS? Are there free sites to search for foreclosures or bank-owned properties?

NDQ

[Rezdent]

In our area, we can search the listings for tax foreclosures that are auctioned off on the courthouse steps.  It is not a game for amateurs, though; you need to be able to do your own title searches, lien research, etc.  You need to self- evaluate values after repairs because many foreclosures are in need of major repair to be habitable.  There is also considerable competition from professional flippers.

Real Estate is highly local and it is cyclical.  If the market you are looking at is "hot", you will also find the foreclosure market is hot.
Personally, I would avoid a hot market.  I'd either look elsewhere or sit it out.

[Another Reader]

OP should understand that in most markets the banks are back in control of the situation and are under no pressure to unload foreclosures.  Almost all foreclosures are now listed on the open market to achieve the best price.  Tax auctions in my markets are a waste of time.  There is a lot of competition in many markets among flippers and investors. 

Rezdent's philosophy is similar to mine, don't buy if the numbers don't work.

[Bearded Man]

I've noticed the same thing; Seattle area it is damn near impossible to find the deals of 5 years ago. The only exception I would say is the house I live in now, which I bought from the second owner for the same price they paid for it in 2009, but with brand new carpets, AC, tile bathroom flooring, all stainless appliances, surround sound and a 4K credit. So basically I came out 20-25K better off than they did when they bought it.

Much of what I see are the houses of flippers. You can tell they are flipper houses from the sale records and the remodeling inside and out. Not going to pay retail to them so I have to look for properties in need of minor cosmetic work. I'm not a professional flipper and have yet to do major remodeling so I don't want to speculate with anything I'm unfamiliar with.

[Nickels Dimes Quarters]

Thanks everyone. I'll be sitting out by default. But I do keep looking at the listings and run the numbers. In the meantime I keep adding to my stash.

NDQ

[Le Poisson]

There's one in my area that is up for sale below market due to weeping tile issues and needing a roof. I am sorely tempted, but now is not the time. I need to scale up my stache first.