I've recently received calls from friends and family asking me how to find pre-foreclosure and foreclosed properties.  After I talked to them I had to sit back and think for a minute as to how these two types of foreclosure properties have changed. 

In my mind they use to be good deals, but now they seem to be a waste of time (as far as Hawaii and Idaho go).  I myself have purchased both pre-foreclosure and foreclosed properties.  I got great deals on them at the time, but when I look now I just find the pre-foreclosures to be over mortgaged.   So far over mortgaged that even if the lender accepted an offer at their minimum levels (through a short sale) that they would still be over priced. 

The foreclosed properties that go to auction are either priced too high and attract no buyers or are priced decently and attract a few investors who soon bid them up to current market prices.  If the lender lists the property with a real estate agent the agent puts them right where they should be, at current market levels.

What does that mean?  For too long foreclosure's have been seen as a way to get a bargain basement price on property.  Unfortunately, from my viewpoint it's not the case anymore.  Not to fret, now is the time to just be a little more creative and focus on the primary characteristic of finding good deals.  That being MOTIVATED SELLERS.  Foreclosure's are not the only reason for a seller to be extremely motivated.  Think hard and you should find 5-10 scenarios that lead to motivated sellers.  When you find them get yourself a great agent and go to work!

Remember, if you are an investor there is one rule that should protect you at all times.  That is, make your money when you buy the property, never count on the market to make it for you. 

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