I would assume you are from NY or similar state where lawyers handle escrows. We do it much cheaper and more efficient out here with escrow agents at title companies. The only real estae transaction where lawyers get involved usually are probate and divorce cases.

Dear Potential Buyer

I believe Annie hits the nail on the head with her answer.
An attorney will not be able to help you with market values, property condition, and neighborhood factors.
In addition, there is NO negotiating with these lenders over the terms and conditions of any offer EXCEPT for price. I have sold 6 REOs so far this year and each lender has a "boiler plate" contract addendum. These contract addendums basically protect lender and sell property "as is" "where as" with no warranties. The lenders will NOT alter any terms contained in their addendums. If a buyer does not like the addendum, the lender just goes to the next buyer.
So I am unclear how you think an attorney can help you in this process.
Bank are selling their REOs as 50 cents on the dollar - just about every REO gets many offers.
The buyer has no power to negotiate the terms of sale but the buyer does get to buy a property at a fantastic price.
You are welcome to hire an attorney on any transaction.
It is my humble opinion that on the purchase of an REO, little value will be added.
Arn

Before your jump the gun and potentially spend thousands of dollars on lawyer's fee, it may be advisable to talk to a real estate agent first (for free!) to learn about the process of purchasing REO properties. If I understand your question correctly, you want to purchase REO or bank-owned properties that are listed on the market in which the bank has taken over the title as current owner AFTER the foreclosure trustee's sale. If that is true, the sale process is just like a regular sale (with some exceptions) and the transaction can be handled by buyer's agent and seller's agent to represent the two parties.

In a broad stroke, REO sale is similar to a regular sale in the following ways: (1) buyers have the right to fully investigate the property by ordering all applicable inspections (e.g. property inspection, termite, foundations, roof, etc.) as necessary. Buyer may cancel the contract without penalty within the contingency period. (2) buyers can put in 1%-3% as initial deposit (unlike auctions in which 10% is required and non-refundable upon cancellation). (3) buyers have a reasonable timeframe to get apply for loan. If for some reason the lender declines the loan, buyer may cancel without penalty if cancellation is within the contingency period.

There are a few things you may want to know about REO transactions that are different from a regular sale. First of all, the seller (the bank) is exempted from giving certain disclosures. You can take a peek at the disclosure chart posted below. Secondly, once your offers gets accepted, the bank will most likely to prepare an addendum that "supersedes terms & conditions in previous contracts" (or similar phrases). Don't let this clause scare you -- while it's imperative to review the addendum carefully and fully understand the terms, the addendum by and large reflect the accepted terms on your purchase agreement. While some people choose to hire a real estate attorney to interpret the documents, most of the transactions close without one from what I've observed.

I hope this helps!