This property (I think it's the same one) sold for $965,000 in 2005. Prices have dropped slightly in the area but even if the property goes accepts an offer chances is that it will be near market value. The bank would likely doe a BPO and that would come in with the market value and the bank might accept something a bit less than that but not much less than it. If you are interested in this property, let me know but I'm thinking it would go out over 700k at least without doing any research/pulling comps. There are a few areas were you can pick up a home in the 300s-400s nearby that are good neighborhoods also. If you need any assistance with a search, just let me know.
The Carrabba Group
Keller Williams Hollywood Hills
Homes in this area sell for much higher than the defaulted listed price on that link. The price that you see there is probably a notice of default on one or more loans associated with the property. Let me know if you'd like more information or if you're looking in a particular price range in this area. I follow foreclosures closely and will be able to help.
Keller Williams Realty
I would be glad to help you out - I am an agent with Coldwell Banker. The notice you were looking at reflects a fact that a notice of default was filed on the property, meaning the loan is past due and may go into foreclosure, but it is not on the market yet. Please contact me at firstname.lastname@example.org, or by phone at 323-810-7976, and I would be glad to help you out & attempt to contact the owner to se if they would be interested in accepting an offer on the property.
Thanks, hope you have a good day!
Coldwell Banker Residential Brokerage