Finding homes before they hit the MLS?

[Courtney Spiers]

I have heard a couple of different people mention that finding homes before they hit the MLS is one way to get a good deal on homes. My question is how do you go about this?

[Ethan Atkinson]

Very tough to purchase directly from the bank @Courtney Spiers, but it can be done. Find a person, company, group, hedge fund with tons of cash and buy some bulk deals. They will sell you deals that have already been foreclosed, those in delinquency, those that have done deed in lieu of foreclosure(now REO similar to foreclosure) but you might have to buy 20-30-or 100 whatever the case may be.

If you don't have that kind of buying power or access to it, then you can find the people who have been given delinquent or foreclosure notice already and direct mail to those folks asking if you can help them stop foreclosure from hitting their credit history but you would have to buy the house.  There are a bunch more steps, but there are countless threads on these forums of BP that can help you navigate.  

This process can also be done through purchasing delinquent or whatever status notes from private lenders, or smaller local and regional banks who might actual sell one off notes, that you take over for lower than the market value of the home, catch the people up who are living there and want to own the home, or if they can't catch up you do the foreclosure or deed in lieu yourself.  BLAMMO, now you are the bank that owns the home!!   Are there a ton more steps?  Yes, and I am not an attorney or banker or note buyer but this is what I have heard and studied, as well as having workd for a listing broker when there were thousands of foreclsures all over Georgia.