The price you see listed is what the opening bid was for the property at a trustees sales and no one bid on it. When the banks actually list the property for sale, they have a magical formula that they use. some of them make sense and others donâ€™t generally the trend right now is to price REO listings at or below fair market value
Diane is a little wrong in the listing part. A bank can only assign give a listing to a broker to list in the MLS after they actually own it, they can not list it until the foreclosure is completed, not while it is in the process. Sometimes there is a delay in the date it get listed from the date the bank got ownership. It can be due to many factors, including there being a tenant in the property Some banks are holding back listing all of their REOs so they don't further the price drop due to too many REOs being available for sale.
I have a great free search engine that only lists properties that are actually listed on the MLS for sale.
You can get the link on my website
It really is completely free and it gives you a lot of property info including address, listing price and pictures. Other websites charge you $$ for than info
Diane Conaway, Accredited Buyer's Representative, RE/MAX United, (760) 749-2888