I understand your point.
If it's an REO or a short sale, the lender will required it to have been listed with a Realtor and placed on the MLS before they will consider any offers. The only other options for distressed property is at the court steps (risky and the lenders usually want more than it is worth in my experience) and public auctions (these usually dont have homes from SF of highly sought after areas as they can get more on the open market).
I have sold many REO and short sales, but when I first meet with buyers I always discuss these option as well as the regular market. Just because it is a distressed property sale, it does not mean that it is the best deal. You may also want to consider new construction in the Peninsula as there are some good deals around especially on the financing side.
Feel free to call for a consultation as I may know someone who could help.
If you need some names, give me a shout...
I recently closed 2 REO properties representing the buyers. Both were multiple-offer situations (3 offers on one and 14 on the other). Both required aggressive and strategic negotiations. Feel free to call me later on today to discuss.
Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Great question, and Eric has explained the difference well. Besides looking for an agent who has experience with REO/ foreclosure properties. Ask the agents you are interviewing if they network with the investors so you get a jump on some of these properties before they even come on the market.
Best of luck.
That has the potential for a long answer.
There are two ways foreclosures get found:
1) on the court house steps-you need cash to buy those and you need to do all your due diligence before you buy it. Very few deals are found here.
2) on the market. These will be on the market just as any other property will be. With our shortage of inventory, you might not get a deal here either. What you will get is very minimal disclosure from the seller.
To find an agent, you should get a referral from friends you trust who have been through the buying process before, or go to open houses to meet agents to see what sort of experience they have.
If you have any questions, you are welcome to contact me.
All the best
Zephyr Real Estate
DRE No. 01188380