how to buy a foreclosure

[Andrew Schoenberg]

I have a foreclosure across the street from me (st. louis, MO). I have successfully identified the attorney who handled it and the bank is chase bank. I know this is a huge bank. Where do I go next if I'd like to buy it? Lost cause?

[Tom Gimer]

So you believe the foreclosure has already occurred. 

If the bank now owns it, it's because they (the lender in first position) conducted a foreclosure sale and they were the high bidder -- they bid in at the existing first mortgage balance and no interested buyers outbid them.

It's now a bank-owned property (REO) and in all likelihood will be listed with a local broker. Keep an eye on listings or get a contact in the REO department at Chase.