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Purchasing distressed properties during the pre-foreclosure phase of legal action is a great idea for real estate investors. During this time, you can work directly with the homeowner and this saves you a great deal of headaches, hassles, and legal red tape. This is the only time during the foreclosure process that you can inspect the property freely, make an offer, and close the deal much like you would in a traditional real estate transaction. But unlike a traditional sale, buying pre-foreclosures allows you to purchase property significantly under value.