There is a known \"pattern\" to get the captured group value or an empty string if no match:
match = re.search(\'regex\', \'text\') if match: value = mat
One line for you, although not quite Pythonic.
find_text = lambda text: (lambda m: m and m.group(1) or '')(PATTERN.search(text))
Indeed, in Scheme programming language, all local variable constructs can be derived from lambda function applications.