Redfin.com has flagged Short Sales in San Francisco.
Redfin.com won't "tour or write offers on short sales" in San Francisco. Redfin is in many more markets than just SF so I'm sure they've flagged short sales in all markets, but I found this tidbit when looking up a Palms condo (555 4th St, San Francisco). Here's a screen capture of the listing - not the highlighted box on the upper right hand side:
So while I normally don't do shameless plugs for business, the difference between us and Redfin is we know how to evaluate whether or not a Short Sale has a good chance of selling or not (50% don't succeed in San Francisco, but that's usually a problem with the Listing Agent's ability - or know how in the sense that the property never had a chance of succeeding as a Short Sale in the first place).
If you can identify legit short sale opportunities you can buy properties for roughly 5% to 10% below "fair market value" (more on this on some future post, or call or email for details).