This is how it is. I need to bring you down a bit, there is no pie in the sky. ok?
This is how Trulia & other websites might be promoting or showing foreclosure properties. Most are NOT ON THE MARKET.
Bank owned properties that are NOT ON THE MARKET Yet, can be showing an amount of one of the loans that was foreclosed on. ONE of them, maybe it was a 2nd or a 3rd lien.
For properties that are showing as a "Pre-Foreclosure" or Notice of Default, much of the time they're showing ONE of the loan balances OR maybe not event that. Sometimes what's being shown & what you're incorrectly interpreting as an "asking price" or "list price" is an amount by which an owner is in "default by". As in there is $500K in Late Payments.
You will NEVER EVER EVER EVER EVER get a home in Beverly Hills for $500K that is really worth $4.5 Million. You won't even get a Burned out house in Beverly Hills for $500K in which you could flip for $4.5M in a year, without having to build a mansion on it first.
If you would like to start out a little bit smaller & look for some other investment properties in a price range you can afford, you let me know. Work your way up to playing with the big dogs in Beverly Hills.
I don't look back on this same Trulia posting for answers after mine.
Emily S. Knell
Realtor Since 1996
Realty ONE Group
The amount listed is probably what is owed. More than likely this property will never go up for foreclosure. Should it, there will be many bidders and they will drive up the cost. The Bank itself will probably send someone there to bid to make sure the property does not sell below a certain value.