How to find "Fire Sales" for bargain prices

Bank repossessions (mortgagee sales) generally aren’t cheaper than normal prices – they have to demonstrate they’ve made all efforts to sell the property at market value otherwise the vendor can sue the bank for taking advantage of their situation and underselling the property.

You’ll find most banks because of this will run auctions for mortgagee sales so long as the market permits – otherwise they will have a set figure in mind which may well be well above what the property is even worth.

The little thin value in mortgagee repossessions can be when they’re in working class areas and potentially vandalised by the previous owners (for ‘revenge’ or the like), and there’s limited desire for locals to purchase the property or to buy at auction. In some cases these properties may go towards the cheaper end of their range, but even then if there’s enough keen investors around they will still go at market rates.

Corey how would you answer the question then?

Any tips and specifics to find deals?

Because the ones I listed above have helped me. And you only need 1 deal at a time (to start with) that is under valued not every single one, so I would agree there are some of the issues you mentioned but deals go through everyday that are under valued.