First Purchase - Forclosure REO??? New Jersey

[Andrew B.]

Hello everybody. I am currently researching two properties that I am considering making my first purchase into the world of Real Estate. I am considering renting as a buy and hold, or just flipping it. Anyway, I met an agent today at the first property I am interested in and was informed this is a bank owned foreclosure property.

Can anybody give me any advice about what I may need to know if I try to move forward? I am from New Jersey to those that care, and have purchased my own home, but I have no idea how to purchase a foreclosure. Any and all advice is appreciated.

Thank you!