If you are considering purchasing a foreclosure property there are a few essential items that will be needed prior to making an offer. First off, you will need patience. You will be required to have a pre qualification letter from you lender or proof of funds to purchase the property. You will also be asked if this is going to be a primary residence, second home, or investment property. You chances of getting a underpriced property without the home being your primary residence is slim due to the increase in deal seekers looking to purchase a full time home at bargain prices. After you have a property under contract, be prepared for a lot of paperwork and the waiting game. You can typically have a deal closed within 45 days. If you have the patience all the items listed above you can get a great property.