When looking for deals in todays market it can be very challenging in some areas. Even with all the great foreclosure opportunities, it can still be tough for some people to find the right deal that makes them the money they need. People are so focused on that foreclosure deal, that there often are several offers on the same house. Honestly, I do not know many "good" investors that will get into a bidding war with anyone else - they will set their max offer on any given deal and walk away when it exceeds that price.
So, if you are in this very position, ask your realtor (someone that you should have a great relationship with) for two things - a daily list of the expired listings in your area, and the property history report on each listing. These listings have been on the market for generally a 6 month period and most of the time has had price reductions along the way. All of the price reductions will show up on the property history report. This will help you to determine the sellers motivation!
I will give you another secret, there is virtually no competition for these homes! And right from the start they will be 6 - 7% less on their price - no realtor fees! Of course you should include your agent in the deal and offer a 1% fee to them to act as a transaction broker. This may just entice them to be diligent in sending these deals over to you right when they become available!
I hope that this information helps!
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125