What is better: Buy via short sale? Or wait for foreclosure?

[Paul B.]

If you had your eye on a certain house, and you knew it was going to foreclosure soon (no redemption period), would you try to do a short sale (with the house not being on MLS), or would you just wait until the house goes into REO and onto the market?

The debt on the house far exceeds its value in its current condition (guessing about $200K vs. $100K, tops).