If you have a friend with a RE license in the area in which you want to buy, ask them to have their title company rep run a list of defaults. This will get you information about homes which have not been served a notice of default. It may be easier to get a bargain from the owne occupant than the lender after foreclosure. Many lenders in our area are trying to get market value.
Also, the licensee can run a property profile and get the mortgage info and compare it to the market value.
I have heard that one major investor is buying 300 properties from Countrywide at 760% of current market value. However, that's not the level I can play at.
Best wishes!
Thanks.
My ex DOES have a friend in the local Wells Fargo (It's a small town.) and the friend DOES let him know.
We missed a real deal last month by only a few hours. The ex wasn't as quick on the draw, as it were, as another buyer.