MLS and NODs

I have come across a few NODs, notice of defaults, being listed on MLS.

Are these good prospects? Would you approach the agent knowing the home is in default?

The problem is most are being listed at what other homes are going for in the area. Would making an offer at 30 percent below asking be accepted or acceptable?

Has anyone had success with this type of situation? Its obvious the owner is very motivated to sell. Any info would be greatly appreciated!


It’s going to depend on the situation. If you offer 30% below asking price does that mean the lender is going to have to agree to a short sale or does the owner have that much equity? If the bank will have to agree to a short sale, they are going to have a BPO and/or appraisal done before agreeing to it. If the home doesn’t need work (or have other negative factors), the bank won’t be very motivated to sell for less than market value. Again, it all depends on the situation.

The seller has probably signed an exclusive listing with the agent so if you want to buy it before the listing expires, you’re going to have to approach the agent.