As stated below you'll have to wait until the bank decides to put it on the market for sale.
They will not field any phone calls or requests for these properties until they are listed for sale, at which point you will need to contact the real estate agent responsible for the listing.
REO properties almost exclusively use local real estate agents to dispose of their properties, because they would never be able to manage all of the inventory in all the different locations internally.
Once a property is listed for sale, you would need to enlist the help of a buyer's agent who can guide you through the process and submit an offer. Your offer will then go to the listing agent, who will submit it to the asset manager working for the bank for review.
The question is what type of loan was on the loan before it was foreclosed. Because if it was a fha or a va loan the loan/property could be transfered to the proper government enity. If the loan had mortgage insurance the property could be acquired by the insurance company for them to sell the property.
If the insurer is not a issue the major delay in new jersey that I remember was if they think tenants are involved it puts brakes on the entire process and delays the banks from taking action.
Watch the property closely and check any bank web site that might give you a status. Or find a realtor that understands the process and have them call the bank for a status.
First Weber Group
Certified Distressed Property Expert