preforeclosure help

[N/A N/A]

I am currently looking in to pre-foreclosed homes, and trying to understand as much as possible regarding the process - however alot of information I am able to dig up seems to be some kind of pitch to buy something from someone.

Basically I recently got married and we would like to own a home before making and familly plans. We have found some homes in pre-foreclosure in our neck of the woods that are very nice (on the outside) and want to know what our next steps should be? We have tracked down the property info, as well as contact info and further information about the debt - and would now like to make contact with the owner. The home is valued at 650k, and the debt remaining is 175k. What are we supposed to offer at this point? We have been pre-approved for a mortgage however not one to cover the 650k mark that this neighborhood calls for.

If anyone could offer some insight it would be greatly appreciated!

[Matthew Giegerich]

John makes good sense. Heres the real basic problem with preforeclosures- talking to the owners. As a preforeclosure veteran,I can state that families in distress are in an emotional and financial limbo. They are being harnged by the mortgage company, attorneys, realtors and investors. They just don't answer the phone, or the door until they are pushed. most want to save their home. I had one guy who was blind and hard of hearing and was unaware that his wife had gotten the home into a bind. She called after I repeatedly left my card and a note on her winshield b4 she went to work at 5 am!! You have to have a persistent behavior like a detective at times to get a hold of these people. the best advice I will preach is ,show empathy and understanding of their problems, not greed!! then go home and hug your wife and kids and thank your lucky stars if you have never fallen down emotionally and financially. Life does happen!!