Bank owned properties are typically listed the same way a non-bank owed property is. The bank will have a listing agreeement with the listing agent. Typically there is a lot of work done on the listing agents behalf to prepare the home to put on the market.
Often times when a home is vacated after the home has been foreclosed, there is a lot of trash to clear out, the houe needs to be cleaned, re-keyed and the listing agent is responsible for completing a Broker Price Opinon that gives the bank the recommendation for what price to list the home for.
Also the listing agent has a relationship with the asset manager from the bank who is resposible for the sale of the home. Often times these asset mangers do not want calls from other agents they are not directly working with.
I would suggest you deal via the listing agent for the purchase of a foreclosed property. Becuase you have an all cash offer, this will definitely be attractive to the bank.
That being said, be prepared to be patient. Every bank has a different work load and sometimes things move quickly and sometimes they don't. I am working with a buyer and we put in an offer for a foreclosure and because we had to wait for title to be cleared it has taken a couple of months.
I would suggest you talk with your Real Estate Agent. Not all agents are familiar with bank owned properties and the learning curve can be significant.
If you have any questions regarding the process, feel free to contact me. I work in the Oakland and Berkeley area and are familiar with many of the listing agents for bank owned properties.
Alain Pinel Realtors
Check out my blog, Real Estate News Without The Schmooze at http://www.NoSchmooze.com