I see that it is not really possible for the likes of individuals to buy up severely distressed assets you mentioned with out a combination of experience and specific contacts in banking or institutions. Also a considerable amount of funds is required.
I supose though there is always opportunity for any of us to buy cheap through agents if you have cash, patience and a acute knowledge of the value of what is for sale.
The old adage of 'it is not what you know but who you know' rings true too.