In this segment I would like to focus on how one can go about buying a foreclosed house. There are several stages at which this can happen; pre-foreclosure, foreclosure and post-foreclosure (also referred to as “REO”). These different stages offer differing opportunities and procedures. If the house is listed as “pre-foreclosure,” that means that the homeowner has received a Notice of Default and that the bank is getting ready to foreclose. You can contact the homeowner directly, if not already represented