Buying a foreclosed property is a little different from a typical home sale; the bank requires a pre-approval letter from your lender before they will accept your offer. In addition, there is little or no opportunity to negotiate price— meaning the buyer must pay for all necessary repairs out of pocket. This does not, however, mean the property will cost you more money in the long run. In fact, many people prefer to buy a foreclosed home because they can get a low price and are able to move in quickly (typically the property is vacant). Here are four tips to help you purchase a foreclosed home.