Money to put an offer in on a house in Preforeclosure

[Tracy Sharpe]

There is a house near where I live and it is going into preforeclosure. It was built in 2005. I am listening to various podcasts and many of the people I hear say that they put offers in on 30 or 40 houses at a time. If one comes through then they deal with trying to get the money. My question is that if you put an offer in on a house, what can you lose if you don't get the financing? Ernest money? Bad reputation? I don't know because I am a newbe at purchasing homes in this manner. Can anyone share their experiences.