That difference in perception is one of the factors leading to the existence of bargains. In other words, because each home offered for sale is different from every other home offered for sale, it is impossible to always be aware of all homes being offered at any one time, even if you are working with an agent.

It’s important to recognize that many of the best deals in real estate may not be sold through the traditional real estate sales process. In fact, many homes are sold without ever being on the market at all. And that leads us to our third source of possible bargain homes, and that is your local county courthouse.

In Georgia, we have 159 individual counties, and in each of those counties there are officials who make sure that every parcel of real estate in that county is identified and evaluated as to owner and fair market value. This data is used to produce the tax digest, which is the sum total of taxable property in the county.

Because this information is owned by the general public, you can obtain lots of information about particular houses and neighborhoods by visiting the offices of various county tax commissioners, either in person or on the internet. You may want to search for "Dekalb County Tax Commissioner" as an example of an informative county web site.

When I was a new agent with Barton & Ludwig Realtors many years ago in Atlanta, new agents were assigned the task of "farming" neighborhoods where prospective listings might be obtained. This involved getting a list of every homeowner from county records, then sending a series of letters and postcards to every owner offering to help in the event of a desire to sell.

Real estate bargain hunters can follow exactly the same path when seeking below market priced homes in an area.

For example, I know a couple who wanted to live in a certain neighborhood, but found that all the listed houses were more than they could afford at this time. So they sent a personal letter to every owner in the area, stating that they hoped to be able to buy a home in the community soon, and that they were prepared to take a house in "as-is" condition, purchasing quickly with no additional costs.

Several hundred letters later, they received a call from an elderly couple who owned one of the smaller homes in the area. The house needed some cosmetic work, but it was just what the young couple wanted. In addition, even though it had never been placed on the general market, the parties were able to arrive at a price that was acceptable to everyone.

As we said a couple of weeks ago, there are certain individuals who prefer to deal directly with buyers and don’t want to list their homes for sale with any broker.

In addition, some owners consider it very important to find a new owner who will appreciate the history of both the neighborhood and the individual house itself. If you are willing to spend some time getting to know the prospective sellers, your chances of uncovering a bargain may improve.

The concept of "farming" a particular neighborhood for possible bargains does not stop with just direct mail solicitations. By visiting the county courthouse, you can uncover those owners whose mailing address is physically different from the property involved. Such a listing may indicate an absentee owner situation, and this may present another opportunity.

An owner may become an absentee landlord for a variety of reasons, many of them somewhat unpleasant. For example, a house can be left over after a death or a divorce, or if an owner is transferred and is unable to sell the home through traditional methods. Some owners turn to rental when they find that they do not have enough equity in the house to pay even a typical real estate commission.

Whatever the reason, many absentee owners hold ownership to a house that they would rather be finished with, but they just don’t know how to do it. They may have rented the house successfully in the past, but now the house needs work and the owner is half a world away, both physically and emotionally.

By contacting these absentee owners directly, either by mail or phone, you may find that the owner welcomes your interest in buying the house. If you can pitch your flexibility and willingness to take the house in its current condition, and stress that no additional costs will be added to the transaction, you may walk away with a win-win deal that represents a true bargain in the marketplace.

A final and recommended element of farming is to visit every open house, both for prospective buyers and renters, and keep a close eye on recent sales and rentals in the neighborhood. By knowing a community’s complete sales and rental history, you will be better prepared to make a quick decision when an opportunity comes your way.

My experience in seeking bargain real estate proves the truth of the old adage: he who hesitates is lost!