This economy is starting to hit the people who were previously well protected. I've got access to pre-foreclosures in La Jolla, Del Mar, Mission Viejo at 30% under FMV. These are bigger $$ homes, $750K - $2MM+, so you'd need to have either cash or the lender approval letter at the ready.
There are some good foreclosure deals in those areas as well; the lenders want to clear those foreclosures as quickly as possible (for obvious reasons) and I have a "DIRECT LINE" to several 'Asset Reconciliation Mngrs'.
Private message me or email - ramanfred@**** - with any questions/ comments.