The sale of bank owned homes (foreclosures) in the Santa Clarita area of California has been very hot for the last seven months. Most homes are sold within 10 days of going on the market for more than full price.
Many buyers are looking for a good deal and come to look at REOs after not having success with short sales. Almost every home I list gets multiple bids and sells for more than full price.
I now recommend buyers work with a REO buyers agent in order to see homes that are being "Pre-marketed." I actively work with other REO agents in my area to develop a comprehensive list of upcomming foreclosure listings. By working with one of our buyers agents people are able to get a jump on a home BEFORE it goes active!