[olecapt]

Originally Posted by Slim10

More tedious approach but definitely accurate and without charge.

Recorder's Office Home

Click on search records. After accepting the disclaimer, use parcel search for foreclosure docs.

Good for locating specific distressed props once one has identified the estate or neighborhood.

Actually if you are clever enough to use a script language or know someone who is you can automate the whole thing and get the result overnight. That is how most of these services do it.

I would consider selling a group a good script for a couple of grand. Than you can all have your own list every night for free.

I am still at a loss as to what you do with it after you got it.

[Slim10]

I did a neighborhood check focusing on defaults to find out what's the potential supply after I identified my target house purchase.

Found out that the neighborhood had 2.5% in defaults with another 2.5% in trustee sales (but not foreclosed yet) mostly in 09, not to mention 25% already foreclosed and more importantly sold! 40% are still 1st owners. 13% of the neighborhood changed hands this year alone (all foreclosures bar 2 ss).

Since the bulk of homes were already foreclosed, I figured I had a good benchmark on prices with 25% of foreclosed homes. The price even if it goes lower will only be for 5% remaining defaulting homes (which still places me in the 95th percentile of good deals).

That's what I used it for.

I decided it won't be long before the supply of houses in that area dry up (ie supply drops, price increase). When I went in, it was like 4-5 actives on the MLS listing. That's a shortwhile back. Currently, there's only 1 active left. Won't be long.

At some point in time, the banks are going to decide that their level of bad debts are manageable and stop the housing fire sale. The more banks sell, the more manageable it gets, the more banks may decide to hold back for better prices cos their holding power increases. Banks even in good times do decide to hold on to a level of home equity. The bad part is bank's mood for negotiation will go down but its still too early for that.

imho, foreclosed homes asking prices are going to be flat or creep up through 2010. Could be wrong, but statistically unlikely (that's what my gut tells me too).