We were looking to get an off-market property, then it got foreclosed...

[Kimberly T.]

We own a few rentals already (we've only bought from the MLS), and have been looking to branch out more. We found a property that had been listed for sale and then pulled off the MLS repeatedly for years, with gradually lowering prices. We were going to have a real estate agent contact the owner to see if they're still looking to sell, get all their property info, etc., but it just recently got foreclosed!

We'd still be interested in the property, but I don't know anything about trying to buy a foreclosed property.  Would we have our agent find out who the lender is who foreclosed on it, then contact them to see about buying it?  Would it be better to contact the lender directly ourselves rather than our agent (I wouldn't know what to say)?  How would this process work?

I'm sure there are lots of smart people here who have been through this before, looking for some great advice.  Thanks!

[Bryan L.]

When you say "it got foreclosed", I assume that it already went through the auction process at the court-house steps (or sheriff's sale).  If so, the bank now owns it.  Unless the bank is a small, local bank you will most likely have to wait until they list it with a Realtor.  If it's a small, local bank you may have some success going directly to the bank.