You have recieved some great insight into your question. There are two initial steps for consideration:
1. contact a local real estate professional for support
2. If you know the name of the bank, get in touch with them for necessary information.
Has the home been through the sheriff sale auction? If not, it may be available for sale prior to the bank buying it back and putting it on the market.
You can research it on the local county sheriff website.
The home will be auctioned, then may become available for sale through a local real estate agent if it is not purchased by an investor at the sheriff sale. These sales have no contingencies as a normal REO or resale would. The properties are are purchased sight unseen and a large non-refundable deposit is required.
If this property has already been auctioned, it will eventually become available on the mls. It is unlikely that you will be able to get to it before it is available to the public. There is a whole process that is going on behind the scenes leading up to it being offered for sale. There are liens being cleared and they must also wait on the deed from the sheriff transfering ownership. An appraisal must be done, eviction in some cases, inspections, realtor price opinions, listing with an agent, clean out, etc.
If you do not already have an agent, I recommend hiring one. He/she will be able to assist you with purchasing this home when it does become available at no cost to you.
Best of luck to you,
Generally banks cannot make the time to negotiate directly with interested Buyers of the foreclosures. However, it is possible to keep track of the property and know the day the home becomes availble to the public. Feel free to contact me if you have further interest.
Best of Luck~