When Victor Vangelakos and his wife Cathy bought a unit at the Oasis I - a luxury Florida condo tower - in 2005, they were thinking of retiring, meeting new people, enjoying the pool, spa, fitness center and other recreational facilities. It would have been life in paradise.

But as the real-estate market collapsed in 2006, only a handful of would-be owners that had placed a deposit actualy closed on the deal. Rather than having them live in a deserted, poorly maintained building, the developer Related Group were offered to swap their units for condos at the nearby Oasis II. Victor and his wife, along with their three children, are still at the eerie, creepy Oasis I - the only tenants in a ghost building.

Vangelakos was unable to swap his unit because he was unable to convince his lender to agree to the move.

Living at the Oasis I can be downright scary. One night someone started banging on their door. At times they hear intruders at the pool.

While the Vangelakos are certainly an extreme case, this scenario bears considering. The housing market crash has not only created foreclosures in the strictest sense - bank-owned homes or REO's - but it also has created numerous scenarios where distressed owners want out of their current arrangement. Approaching a distressed owner with an offer before he chooses to give up and allow the property to foreclose can allow the smart home-buyer to buy a home for less than market value.

When searching for homes, keep an eye open for phrases such as "For-Sale-By-Owner" and "owner motivated". At RealtyStore.com you'll find many great deals where the owner just wants to be done with the property and move on, and he or she may be glad to part with the home for a fraction of its value.