Foreclosure deals are great if you have the cash on the courthouse steps, your bid wins, the property is worth what you're paying considering liens as well as physical condition. Way, way, most foreclosures do not sell at auction and become lender owned. Then they are presented to the market using the local MLS and "local" agent representation. If properties fail to sell at auction there may be a window of opportunity to directly engage the lender before it hits the market.
Foreclosures are not as advertised but a special opportunity for those educated in the local foreclosure process, sufficiently capitalized and capable of recognizing prospective problems. The new business model that provides access to databases of foreclosure status is promoting its service, their promotion is working and lots of folks are looking for the gold pot.
