Sara is right, Realty Trac is a scam. Do not subscribe

hi,Sara:

Are you viewing an actual Trulia listing or is this a Realty Trac posting? Realty Trac is not a listingsite--they just pull notices of default & foreclosure from the public records & then print them with a fictional price,hoping to get people to subscribe to their service. Whne a house is actually forelosed,it will be listed at market value on the MLS.

Try to find a local Realtor to make sure that is the asking price then go view the home.

This sounds like a bank owned property that has been assigned a sale price. Sara, you can contact a local real estate professional for specific information on the property as well as guidance on how best to proceed.

Good luck

Hi Sara :o)

Trulia is not the local Multiple Listing Service (MLS) where properties listed through real estate agents are shown, however some listings on Trulia are drawn from the MLS.

Over 90% of all Foreclosed properties that have been taken back the the bank (also known as HUD Owned, VA Owned, Bank Owned, or Real Estate Owned *REO*) are listed with local Real Estate Agents and/or Realtors.

When a bank obtains a property through foreclosure they often use several methods to attempt to determin the current market value of the property and then they "list" it for that price. So, the price it is "listed" at is just the price the lender has determined from the data they have gathered that they should ask for the property. The same as any other property for sale, this is the price being asked for the property and does not necessarily determine the property's actual value.

Most lenders re-evaluate the asking price on a property if it doesn't sell within a 30 day time frame, however there are times when the lender has determined that it cannot reasonably go any lower. They also use formulas to determin what an acceptable negotiated price would be after their costs are taken out....this is known as the "net price" to the lender.

When looking to buy or sell it's important to work with a local Realtor Professional who can properly advise you on the market so that you can makes an informed decision about the actions you take.

Hope this Helps

Best Regards
Brian L. A. Wess
CRS, GRI, ABR, ASR, e-PRO
Realtor®, Broker Associate
Residential & Investment Specialist
Pat Newell & Associates, Inc - Metro Brokers
Colorado Springs, CO
Direct: 719-528-6672
Web: BrianWess.com
             COLORADO REAL ESTATE...DONE RIGHT!™

The list price is the asking price. If it's an REO property, then the bank has determined that is the value of the property in its' present condition.