Buying a home that's currently in foreclosure

[Clayton Smith]

If I found a home that's in foreclosure but not foreclosed yet, what would be my options in acquiring the property?  My goal when reaching out to the owner was to wholesale the property.  Now that she is in foreclosure (still not sure how far along), I was trying to figure out what my options would be attempting to purchase the property. I called and spoke with the lender and the representatives I spoke with said that the owner would have to call in and find out if the loan was assumable.  If it is assumable, is that my only option in purchasing the home?  Thanks in advance!

[Ehsan Rishat]

You can put it under contract like any other property. You can still directly negotiate a deal with the current owner. However, you need to make sure you are able to put the house under contract with a buyer because their credit will be in jeopardy if you back out at the last moment. So, I generally advise beginners against dealing with foreclosures and pre-foreclosures. 

Good Luck!