Buying a foreclosed home isn't an easy process. However, if done efficiently, it can be a beneficial choice. Banks often sell these home for much less than a private seller would.Get ApprovedThe first step is to get pre-approved for a loan. Sellers almost always require a pre-approval letter from a lender before accepting an offer. Keep in mind that time is very important, so they don't have time to wait for the lengthy approval process. To get pre-approved, try contacting a bank that already hosts individual checking, savings or loan accounts. If this isn't an option, try applying with Wells Fargo.They offer an efficient and competitive pre-approval process.Find An AgentIt's important to find an agent who specializes in foreclosed homes. The best way to do this is to visit ForeclosuresUS.com. This site hosts a database of agents and local foreclosure listings. These agents have long-standing relationships with banks, meaning they often know of new listings before they appear on an internet site. Keep in mind that the seller of a foreclosed property will want to use one agent or broker.Find A PropertyDon't expect all foreclosure brokers to be as dedicated as an average agent. Due to the high volume of foreclosures today, they may be overwhelmed with work. It's imperative to be proactive during the process of finding a property. If the right home is found, contact the agent to set up a meeting. Immediately after meeting with the agent, meet with the lender who granted pre-approval to discuss a loan.Compare Prices Of Similar PropertiesRemember that foreclosed homes are sold in their current condition. If they're in dire need of repair, don't count on the seller to do a thing. Ask the broker for the best local resources for comparing prices of recent foreclosure sales. Find homes that are similar in location, price and features to the one chosen. It's important to make an offer that is competitive with similar sale prices.Make An OfferFor a property that is similar to ones that sell within a few days, make the highest and best offer possible. It's important to keep offers within reason. For example, a property with similar sale prices between $200,000 and $250,000 may ultimately sell for $251,000. If a prospective buyer offers $250,000, someone else may offer $1,000 more and seal the deal. It's usually best to offer about $5,000 higher than the highest similar sale for homes in this price range.Once the offer is made, the seller will usually accept or deny it quickly. If it's denied, start the process again. It may take multiple offers, many headaches and several months to finalize a foreclosure sale. The keys to a successful purchase are persistence and patience.