Pre-Foreclosure? Looking for the right approach

[Philip Holzknecht]

Hello BP family,

I am looking to make an offer on a home that is currently having issues paying the mortgage. I believe this is called the pre-foreclosure phase and I want to know if any of you have experience with this type of home purchase? 

How could I find out how much is owed on the home and what their current mortgage is? I would use this information to factor in what a reasonable short-sale price would be for the property. I understand they could possibly say "no," but nothing ventured, nothing gained. 

Thanks all!

[Phil Z.]

Most mortgage have little affect on principle in the first 10 yrs, so compare that to the estimated current value.  If its a short sale, then the actual mortgage amount is irrelevant because it will only sell for todays market value.