Expired listings, do they still work?

[Steven J.]

I had a talk with a Realtor yesterday discussing how to find extra leads. He has in the past used expired listings back when the market was saturated with properties on the market. Properties were just passed over.

Now with not as many properties on the market those that expire are expiring because they have major foundation issues or huge rehab work to be done and the price doesn't work.

Does anyone else find this is the case? And more importantly, how might I be able to capitalize on these troubling properties? I'm assuming alternative strategies such as lease option or sub-2 might be prime candidates for this type of property.