First, locate the piece of property you would like to purchase. You would negotiate the purchase price on the foreclosed piece of property with the lender, in the same way you would negotiate the price with any seller on any property. To purchase the property, complete a Buy Direction Letter to IRA Innovations. This letter directs IRA Innovations to purchase the property with your IRA funds. The plan makes the payment to the lender and the property is then vested in the name of the trustee of the plan for your benefit. Pre-foreclosures are negotiated with the owner of the property, as in any property purchase. The debt is paid out of escrow, and the property is then placed in the qualified plan for your benefit, as above.