There is no "magic search" in the MLS that kicks out below market-value properties, and Realtors have no special knowledge of these properties.
Each parcel has to be independently valuated, and to "spot" a deal comes from experience. If I happen to work a particular area in the city and I know that nothing in that neighborhood has sold in the last two years for under $200K and then I see a property for $160K....I have to drive out to it just like anyone else, and find out why. Usually, once you enter the property, you discover why: Usually deplorable condition...that isn't "below market"....why would you pay full price for a substandard property? It's priced accordingly.
As a Realtor we are REQUIRED by the rules of ethics to put ANY property we list on the MLS. Individual owners do not have to follow that rule because they are not Realtors.
The GENERAL PUBLIC has access to what is on the MLS by visiting realtor.com That is a service that all of us pay for with our membership, and you don't even have to register to use it.
For every property that is sold "below market value", there is a seller that AGREED to sell it below market value---remember that. A seller can get an appraisal just like a buyer...and if they choose to play the game without knowing the rules...then losing is the assumed risk.
That is why unseasoned buyers and sellers should NEVER purchase or sell without professional representation.
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