How can I purchase pre-foreclosures? The simplest way to buy a pre-foreclosure property is to contact the property owner personally. Call or write them a letter; they are still the property owners after all. Most importantly, they will know about the physical condition of the house as well as the financial details on the property.A foreclosure property is a home that has been repossessed by the lender because the owners failed to pay the mortgage. Thousands of homes end up in foreclosure every year. Economic conditions affect the number of foreclosures, too. Many people lose their homes due to job loss, credit problems or unexpected expenses.It is wise to be cautious when considering a foreclosure. Many experts, in fact, advise inexperienced buyers to hire an expert to take them through the process.