The foreclosure information provided by RealtyTrac is confusing at best, downright wrong at worst. They take the information from public records regarding foreclosure proceedings filed at the County Clerk's office and do not update it once they post the intial NOD or NTS information. The amount shown when you click on this link is not the "Listed Sale Price". It is only the original loan amount of the loan that has filed for foreclosure. in fact, this property is not currently listed for sale at all.
I have researched this property. There is a 1st TD of $1,172,500 and a 2nd TD of $250,000. The 2nd has filed Notice of Default and Notice of Trustee Sale. In fact, this property is currently scheduled for auction on January 15, 2009. The current published bid amount is $344,206. However, if you were to purchase it on the courthouse steps (literally) you would still owe the full amount due on the 1st TD and any arrearages on that loan, in addition to any back taxes, mechanics liens, etc. Only experienced investors or buyers working with very experienced real estate professionals should be buying at auction. The other restriction, you have to pay cash on the date of auction and must prove sufficient cash prior to bidding.
For your information, there are three relatively comparable properties for sale in this area of Gertruda. They are listed for between $1.78 and $1.99 million, so it is possible that purchasing this property on the courthouse steps could actually get you a bargain. If you would like to explore this further, feel free to contact me. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty