If you buy it too low, in some jurisdictions they will call it "equity skimming" which is illegal.It can be very profitable, I've done many, but you really need to know what you are doing. on pre foreclosures on the West coast if you happen to do them legally .. the old owner is due 80% of the profit if you sell within 36 months.. so there is that.. but if your buying pre foreclosure for long term hold and wait out the 36 months then your fine. the reality these days is post GFC lenders/ banks/ servicers have realize that working with the buyer to reinstate recast redo the loans is far better than taking it all the way to foreclosure so your correct its usually the worse houses that make it all the way to the end and go to sale.thats why if you follow NODs  Notice of defaults or whatever they are call in your state. you see so many postponements and or removed or paid off etc.. so you hone in on one property do all this work only to have it not go  to sale  rarely are you going to buy a home that you really want LOL

Quote from @Chris Seveney: Quote from @Clinton Davis: I think it was BOI acronym but I heard it got postponed then came back and postponed again? 

Now it is postponed again.

There are also deals that can be find on jud.ct.gov for foreclosure auctions but those rarely work out because the people usually owe more than the property is worth or they get cancelled and postponed frequently. 

Judges also postpone sale dates for buyers with financing, so cash is likely not necessary to get the date moved.

I think they actually implemented it, but then it got postponed due to some lawsuits. 

A lease-option agreement can postpone the sale, allowing the seller to receive rental income initially.

Once the investor reached the particular sale as well as reached the 1031 exchange requirements, the investor will have the opportunity to have their taxes be delayed or postponed until such time that the recently obtained property will be sold.

It's one thing to postpone for a little bit, but there is no reason for it still not to be offered.  

However, in no event may a postponement period extend beyond: (a) the due date (including extensions) of the taxpayer’s tax return for the year of the transfer (See § 1.1031(k)-1(b)(2)(ii)); or (b) one year (See section 7508A(a)).(2) A taxpayer who is a transferor qualifies for a postponement under thissection only if--(a) The relinquished property was transferred on or before the dateof the federally declared disaster, or in a transaction governed by Rev.