Clients often ask me about foreclosures: are they really cheaper than other comparable listings? are they easy to purchase? can they be purchased with a normal 30 year fixed loan? 

Of course I want to help these clients, but I have some questions, myself: where can I find the best priced foreclosures?  if I help my client find a good deal, will I be able to collect my commission on foreclosure sales? how can I locate properties that are pre-foreclosure?

There does not seem to be any reliable source for foreclosure information. For instance, I can find only two foreclosures on the MLS list for Honolulu! Is it best to approach local banks and lending institutions for foreclosures and/or pending foreclosures on their books?  And, if I do write an offer on a foreclosure or pre-foreclosure, will the bank be willing to wait out the completion of the purchase?

I would appreciate any information anyone out there might have on this topic.

Mahalo!

Bob