A last-minute pre-foreclosure sale last week allowed actor Don Johnson of television's "Miami Vice," to avoid foreclosure on his Aspen, Colo., estate, according to an article in the Aspen Daily News.

"Don Johnson may have saved his Woody Creek ranch from being sold Wednesday at a foreclosure auction, but it was because the celebrity unloaded his 17-acre property Monday for $15.75 million, according to records at the Pitkin County Clerk & Recorder's Office.

"An attorney for Johnson said Friday that a portion of the sale proceeds went toward paying off the alleged default to New York-based lender D.E. Shaw Laminar Lending Inc., which lent Johnson $10.6 million in August 2004."

This story shatters the misconception that only run-down properties in poor neighborhoods fall into foreclosure. There are plenty of examples of highly valued homes in exclusive neighborhoods in the RealtyTrac foreclosure database.

It also demonstrates that owners in default often wait until the last minute before deciding to sell to avoid foreclosure. That means pre-foreclosure buyers need to be patient and persistent when dealing with homeowners in default. And they need to be ready to act quickly when the homeowner decides to sell.