This home is actually not for sale at this time. It is actually not a foreclosure but a "lis pendens" which is a notice of pre-foreclosure. There are plenty of great deals out there right now though! To answer your question, the qualification process for a foreclosure or short sale is basically the same as a traditional home purchase. If you would like information about the different types of distressed properties, you can get some great information from one of my websites: http://www.ForeclosureHelpNJ.com
But as I said, this is a terrific time to find great deals! If you would like some help finding homes on the market, I would be happy to help you. Happy Hunting!
RE/MAX Platinum Group