No - that's not a set price at all. There is a difference between a "pre-foreclosure" listing and what is called an "REO" which stands for Real Estate Owned, and represents real estate owned by a lender, usually taken back through foreclosure.

In a pre-foreclosure sale, the price may be close to fair market value - or not even close. If it is listed as a "short sale", the seller is petitioning the bank to take less than the full pay off of the loan in order to sell the house. Because the bank doesn't necessarily tell the listing agent what they will accept, the price is generally set by an educated guess, based on comparable sales. But not always. There are some times when you will find a "short sale" whose asking price bears no relationship to market value. Generally, that's an agent fishing for an offer to get the process started. A good rule of thumb...If it sounds too good to be true - it generally is.

Best of luck!

Jeri Creson http://www.realestate-enabled.com