Where's the best place to find distressed properties in OC?

[Mary Fasheh]

Hi All, My name is Mary, I am looking for property to flip in Orange County,CA area. I have a few questions to ask and hopefully can get someone to help me! I am also a Real Estate agent. I have been loking in the MLS for distressed, foreclosed, short sales, etc... but they seem to selling at market value. So now Ive been looking at auction.com and realtytrac.com. Is this the best route to take??

[Patrick Parry]

Mary Orange County will be difficult and seem almost impossible.  We are still about 10% off the previous peak give or take a couple % so there are still homes underwater.   Many of those though have gone through the process so to say.  However,  there will be numerous modified loans ending their trial periods and home owners may not be able to pay the new amounts that will be adjusted.   Also NODs have increased quite a bit.  I have heard this is because the refi boom has halted and banks can now shift focus.  Also, supposedly they have been able to develop a more stream lined process throughout the years.   So my advice is to find NODs and door knock with some sort of information in regards to loan mods and short sale.   They are stressed and need help but don't want to feel they are being pushed into something.   Plus if the spread is not there for a flip im sure the commission on the sale would work for you.