Pre Foreclosed Home Purchase

[Micah Roy]

First time posting on here. Been in the shadows trying to absorb as much as I can but figured now was a good time to reach out and ask some of the more experienced folks on BP for their advice.

I live in Greenville, South Carolina. I have just been made aware of a house in my neighborhood has had the mortgage re-assigned and the hot is in pre foreclosure. I am vary aware of the value of the homes in my area as well as what the original purchase price was on the home I am interested in. I am quite sure I can make a good profit if I can get the home as is.

My question is this: What is the best way for me to approach this? Speaking with the home owner and seeing if he would be willing to short sale or if the loan is transferable? Or would it be better going to the lender and seeing if they would be willing to work with me? I am not prequalified yet but have funds for quite a bit of downpayment from private money. Should I get prequalified before I approach anyone? Should I find a realtor to assist that is experienced with this sort of transaction?