Well the prices you are referring to from your previous post are not actual prices. That is just a gimmick companies like Realty Trac use to hook you to purchase their product. Now on average in highly desirable areas as La Canada, homes tend to sell within 6% above asking. Now this is just a rough estimate, your agent will be better prepared to answer this question.
Tim, the amount of $250,000 is what is back due in mortgage payments by the current homeowner. The property has not been taken back by the bank yet, or foreclosed upon, but will be if the owners can't come up with a solution to the arrears. If it seems too good to be true, IT IS!!