An alternative would be to go to every single auction, in every county you have interest in, and watch which properties go back to the lenders. So in buying a list, what you're paying for is content and convenience. By yourself, it would take hundreds of hours and a lot of money to compile the data you need. Again, yes and no. Most consumers have a difficult time trying to reach the right party at the bank in an attempt to get a list.
Some lenders are more cooperative than others.
While we disagree with this policy, we understand their reason. Too many uniformed buyers call the banks in an attempt to buy properties for 30 cents to 50 cents on the dollar. This charge is most likely an effort to separate the know-nothings from the serious investor. The bank does not want to be bothered by those who do not understand the process or by those who make absurd offers ultimately wasting the banker's time. In fairness to all list publishers, many lenders do not update their lists frequently enough.