Looks like a question that may have been seeded by an agent, usually the case when it's the only questioned asked or answered by a poster on this site.
In any event I'll bite and post my ad ;-)
By all means contact me or anyone at my office, we all work together very closely at Jersey Brokers. Unlike many other places where agents fight over deals and keeping secrets, we like to help each other and learn from each other, there is enough work to go around.
When dealing with short sales it's very important to make sure you are working not only with an agent that claims to be an expert because they took a 3 hour class and pay a yearly due for a designation. The proof is in the pudding I like to say. The agent should have successful experience actually taking such deals to closing, many of them never get that far and due in part to the agents lack of experience or real know how.
Dealing with foreclosures is similar, however it depends at what stage. Are you looking for houses on the auction block or those already bank owned which are available for sale. These are the best ones to get because they are usually already priced aggressively and offer clean title vs. foreclosures where a buyer takes on many risks, such as the current owner wanting the property back by getting caught up with their deficiencies, in NJ they are allowed 2 years, check your states foreclosure laws. In addition a buyer may be held responsible for any owed back taxes, sewer and water bills, mechanics liens, etc.
When buying HUD owned homes, these properties have many of the same characteristics as foreclosed homes however cannot legally be called foreclosures. These properties come with clean title and usually funds allotted to address hazardous condition remediation. Only a HUD registered broker can assist a buyer with purchasing a HUD owned property. We are a HUD registered agency.
To search for HUD homes for sale in your state search here: http://portal.hud.gov/portal/page/portal/HUD/topics/hud_homes
There are also many REO / Bank Owned homes which have already been foreclosed available on the MLS, contact an agent experienced with these sales as well.
Don't get duped into just signing up to a realtors website that will only put you on the spam lists, you can search most MLS's directly using a public link or just pick an agent to work with and they will send you custom search results.
Hope this helps others with similar questions.
Broker of Record
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302