Confused about the order of things...

[Matthew Joyner]

Good morning BP, I'm sorry to bother with yet another green question but I am a little confused about the order of things as far as having the funds and making the offer. From what I can tell one needs to present the lender with a deal before being approved for funding, and i've spoken with my conventional lender and found this to be true with the intention of buying a rental property, but for example my neighbor is in pre foreclosure and i don't know if I'm supposed to be qualified for a certain amount prior to making an offer or if i scramble to find funds after, and has anyone had experience with anchor loans? 

thank you for your time

matthew