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Find a realtor in your area who deal with foreclosures. They will be able to tell you the process, and help you buy the ones that are in the MLS. Some foreclosures do end up in the MLS like a short sale.
From what I've heard buying the ones in the MLS can be a headache. The banks are PAINFULLY slow about responding to requests for documents, and readily ignore many of them. You are buying the home AS IS. You can request repairs in the inspection period, but there's about a 99.99% chance they won't do them.
I am a licensed RE Agent in AZ, and we do things way different than the east coast or I'd offer you more advice. I really think you need to spend some time talking with a Realtor who knows the process in NJ. If you don't buy through them, try to at least refer some business to them, they'll appreciate!
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