Question about Pre-Foreclosure

Hi all! I’m new to all these foreclosure thing. I been reading forum about a week now. Here are some question i want a more clear answer.

Let’s said I got the foreclosure list from the county and here is one of the properity.

8543 Tolbut St. 56th Ward on SE side of Tolbut St. 354 ft. 8-5/8 in. NE of Evarts St. Frt: 28 ft. Depth: 120 ft. Improvements: Residential Property
MARC W. RIORDAN C.P. September Term, 2005 No. 1491 $94,073.70 Phelan Hallinan & Schmieg, L.L.P.


  1. $94073.70 is how much the owner owe the bank?

  2. How much do you offer to the owner to buy off the house from the owner? (the house market value is $160k?)

  3. Is it illegal to offer the owner money?

Thanks in Advance

Howdy Vince:

The $94K is usually the original amount of the loan. The payoff could be higher or lower depending on the payments made and how long the loan is been outstanding.

Not illegal to offer the seller money for their house. How did you get an idea like that? On a short sale the lender does not want the seller to get money at closing but it would not be illegal if they did but only a default in the agreement between the lender and the seller