Probably about 10 to 15% or a few hundred.

Not being snippy just seeing what you are trying to accomplish.Realty Trac and all those sites are outdated junk.They sell subscription after usually 30 free days for highly outdated data.With pre-foreclosures you have to remember not everyone wants to sell and also might file Bankruptcy or do a workout with the bank.On REO's depending on your state foreclosure laws a bank may be in the process of foreclosing but because of redemption rights,legal proceedings,or title issues they have to delay listing the property for sale.Very rarely will a bank not list a property with a broker especially on the residential side.An asset manager for a bank handling hundreds of files doesn't want to talk to you,won't talk to you,and waste time teaching a rookie with questions.I am just giving it to you straight.If you want to be successful you have to know how the system works.The MLS is the place to get the most up to date data period.As soon as I get a listing assignment from the bank the listing agreement has within 24hrs you have to put it in the MLS and send in proof to the AM.Many times we don't even get the AM's e-mail.It's uploading contract on a portal and by phone.If they don't know what file you are connected to or who you are they will just delete.This is why many never answer the phone and screen their calls.Then they call back the important ones.Some listing reo brokers will have buyers list they notify of an upcoming listing hitting the market.Sometimes if you offer and the price is good enough the AM will accept and close out the file.Other times the AM will want the property exposed to the market for 7 to 10 days to see what kinds of offers the property attracts.Now that is usually how national banks operate.Sometimes local and regional banks you can buy direct before they list with someone.Also the rules are different if you buy in bulk or buy the note at a discount from a bank.It really depends on what you are doing in how to proceed.

I sort of wanted to ask a question where the answer just told me how to build companies and sell them for hundreds of millions of dollars, but I know that's hard to do in 15 minutes.

If you are in California it will probably cost you a few hundred to set it up IF you just have a generic template which may defeat the purpose any ways since you need to customize it since there are a few of you.

Before being on the commercial side I was doing mainly short sales on the residential side about 4 years ago.The real estate commission and many others didn't even know what they were.In a appreciating market lenders won't do short sales usually as by the time it forecloses the asset has improved in price to cover more of the lender costs.I will tell you in short sales you can't make sense out of non-sense.I have had a short sale listing where we received 10 offers at 105k.An out of county agent did the BPO for the bank.Comps used were horrible.Bank rejected all the offers and went to foreclosure 2 months later.Re-listed as REO in month 3 and sold for 69,000.No sense but whatever.Sometimes the investors who own the loan think they have a diamond and it turns out to be a lemon but takes awhile for them to see it.2 years is not uncommon to hold up.Many times the investor would prefer to do a workout and put back payments on the loan then to take a big loss.Example rather than foreclosing and taking a big hit investor opts to reduce the home owners interest rate down to say 3% and then roll in the past due fees.So loan at 8% at 200k now you reduce to 3% and roll in 40k in back fees plus the servicer still makes fees off of the loan.Some states are very expensive to foreclose in as they use the judicial process.Also many lenders were using MERS to record documents and attorneys for the home owners can sue to show the foreclosing party doesn't have a legal right to the property.If a home owner knows their rights they can drag it out for years and years.A lender defending a lawsuit in court can costs hundreds of thousands of dollars over time.A good publication to read is www.mortgageservicingnews.com

Honestly, I would pay to get an appraisal, even a drive-by appraisal (only a few hundred bucks) since you don't want to get stuck with an unmarketable property.

Currently I am signed up with about 30 banks and counting with direct contacts to the commercial special assets vp's and directors.My goal is to sign up with a few hundred more.Most distressed properties released by banks are lots and raw land for which they see no recovery followed by mom and pop type stuff.2011 I believe more of the bigger stuff will hit the market more frequently.Goal is to do at least 30 million in transactional volume on real estate deals as a broker and then purchase a few investments of my own.Between triple net,apartments,and bank distress deals I believe my goals are achievable.

I prefer Lowes, I have pumped hundreds of thosuands through that store and don't let them forget it!

I get hundreds of emails, not all, but most want assistance and I try to advise the best I can with them.

It makes no difference how good you are at identifying problems in homes, having a second pair of eyes on the property for a few hundred bucks is worth it in my opinion.