MLS Systems for finding below market properties

[Aaron G]

Does anybody care to share any systems they use to find below market properties on the MLS?

Here are a few ideas:
--Search a given grid in a given price (25K range). Start at cheapest price and go up in the list. Look for sq ft sizes that are out of place. For example, if 90% of the homes in the list are 2200 to 2400 sq ft, and one of the homes is 2900 sq ft, it could be worth checking out in more detail
--Set up a custom search with original list price and current list price. Set up original list price for a minimum of 500K. Set up a maximum current list price of 450K. Set up a days on market maximum of 60 days. This gives you a list of people who have dropped their home by 10% in only 2 months time. Such people might be motivated to move

These ideas don't guarantee you great deals, but they give you a better list of properties to scour rather than taking shots in the dark. I'd really like for other people to post their ideas. Keep in mind that most of us work in different states so we won't be hurting each other!