Expired listings - the road to riches?

[Boab64]

It is understood that KRG will now select properties for individuals based on their individual requirements rather than list a bunch of opportunities (or at least that is my understanding) - but I have a question of a general nature.

When a listing expires, what does that mean and is the property then off the market? Can you pursue an expired listing? How? Does an expiration imply that the property is off the market completely or maybe just listed with another realtor?

Are expired listings therefore a source of a cheap deal. How can you trace an expired listings seller?

Always on the lookout for a good deal, is this a possible opportunity to get a great deal or a fantastic way of wasting your time?

Any thoughts folks.

Robin

[Amy]

You are always thinking, Robin

Typically before a property listing has expired, the listing agent will have already spoken with the sellers and had them sign a new listing agreement and they will relist the property. 

While that is the way it happens most of the time, it does not always happen.  There are many realtors that will search consistantly to contact sellers the day that listing expires to attempt to sway the seller to list with them.

Most expired listings relist their property.  There are however those properties that may have been listed because the seller simply could not afford to remain in the home and it may expire during the process of foreclosure.  You could attempt to follow up on those and try to purchase them from the bank that carried the loan.