Best source for foreclosures/short sale/ motivated sellers?
 

Are there any not-so-commonly known places to look for foreclosure or short sales locally? I am looking in or very close to Fairfax County, Virginia and looking to buy in about 3 months. Is it better to just hit up a few reactors to see what they can show before things are truly listed? Would be great if there was a site people post their homes that are about to go into foreclosure looking for someone to buy it outright and save their credit.

37% of the phonebook :)

lol at phonebook. Might take a while to find someone willing to sell that way.

I have a friend who is a realtor but he was sent over seas for a 1-2 year tour as he is in the military. He used to find really good deals for friends and family so I know they have some sort of preview on a lot of listings

I was an REO agent before coming back into this biz. My brokerage of four agents sold 400-500 foreclosures a year.

The best thing you can do is become friends with a SERIOUS REO agent. One that makes working with banks and selling foreclosures their full-time job. You want to be on their short list. Sometimes the asset manager will want something gone yesterday and tell the agent to consult their short list and get it sold yesterday. The asset managers know that those on the shortlist want a deal and a half.

there is a better source for homes then REO's....

Homes being sold by CORPORATE RELOCATION companies like Cartus, prudential, & a handful of smaller companies.

RELO properties have several advantages. The relo companies are eating carrying costs while the property is on the market, so they are extremely motivated sellers. They are happy to take a 20% loss just to stop the bleeding on a shop worn property. The previous owners did not tear up the house, unlike many foreclosures. Relo companies also clear up title issues before reselling the home, so you wont have any liens or bullshit on title. They are also great sellers to sue if there is mold or a safety defect. You wont get to sue anyone if you buy a shithole REO. Last, many relo homes are in nice neighborhoods because typical clients of relo companies are upper income people.

Honestly i think RELO homes are the best secret bargains in real estate for the aforementioned reasons.