[Floss]

My wife and I are ready to buy a home in Ramona, CA. We have cash so financing isn't an issue. We're just seeing the same old overpriced listings on the MLS month after month. There are vacant houses all over in our neighborhood so I'm guessing they are foreclosed, but are not on the MLS. I've heard rumors that the good deals are bought up thru 'knowing the right people'. Well, how do I find out who the right people are? We've gone thru 3 realtors and not one has been more helpful than just searching the MLS on our own. Frankly I don't feel any of the good deals are available to the general public. Any ideas?

[river85715]

Because MLS is a listing of homes being sold by realtors. Foreclosures are always sold by the banks or your county governments. Foreclosures are auctioned off. Realtors can help you locate foreclosed properties and negotiate with the banks or govt on your behalf. But, you are not going to find those foreclosures on MLS.

[Mary C]

I live in Indianapolis, IN. Foreclosures don't show up on the MSL because they do not go through realtors. If you know of a foreclosure, usually there is some kind of sign on the house indicating who is handling the property. You can get info from them regarding the sale. Around here, it would be a Sheriff's Sale. Sometimes you can get the property before the sale. I've been buying repos for 30 years. It's not who you know...it's how hard you want to work to find out who owns the property and jump through the hoops to buy it. You might have to get your hands dirty! You cannot wait for a realtor to bring it to you!Good luck!

[Anthony M]

" Frankly I don't feel any of the good deals are available to the general public. Any ideas?""Whether you believe you can do something- or you believe you can't- you're always right" Henry FordYou're right! they are not available to the general public. The general public doesn't LOOK for them. The general public doesn't think outside the box! The general public complains instead of looking for solutions! I don't live in California but I know that I (and my friends) buy up a lot of foreclosures before they hit the market- these are called, appropriately enough, pre foreclosures.If it's a good deal- it usually doesn't get listed. If it's around long enough to be listed- it's often because it's not such a good deal. How to find foreclosures/pre foreclosures/REO's (bank owned properties- *Check the courthouse/county recorder for "notices of default" or "lis pendens" Contact the owners and offer to buy the house prior to being foreclosed.* Buy at the foreclosure auction- it's required to be published- find out which paper shows the listings* Buy after the sale- place an ad in the paper, or call brokers and ask about foreclosures, "short sales", and bank owned propertiesOther ways- * Write down the address of vacant properties- then look up the address/owner on the county assessor website*Google search for properties in your area* Go into a bank's mortgage dept and ask about "bank owned" or "REO" properties. Explain that you have cash and can close quick.* Go to the HUD, VA, and other government sites and look at their listingsLastly- you say there are lots of vacant homes- and the same over-priced listings? That's GOOD for you! Just figure out what a property IS worth and offer that amount. If you see the same listings month after month- that means there are LOTS of sellers who need to sell. Make LOTS of offers.Remember- the best advice for an ordinary investor- Don't Be Ordinary!

[schwildcat1977]

MLS lists properties listed with agents. Foreclosures are listed with the lender that foreclosed on it. Two different things and two different lists.There are ways to get those foreclosure lists. I'm just not sure how.