The information you pulled up is from RealtyTrac. The pricing shown is not the selling price of the property, but rather either the default amount on the loan (for a Notice of Default - NOD), the estimated bid amount which is the loan balance plus costs and arrearages (for a Notice of Sale - NTS) or the amount that was credit bid by the bank (for an REO). Not all properties shown by RealtyTrac are even listed for sale and the owners of properties in NOD or NTS status can still reclaim their home by working out a deal with the lender or paying the amounts owed.
That being said, I have pulled up all listings on Lodgepole in Riverside. In the past year, every property that was listed was a 5 / 3. One sold 08/30/08 for $380,000, one is pending as of 10/09/08 (asking price $299,000) and one is on hold and the last one expired without being sold. My research of foreclosure data shows that there are currently 4 properties in NOD or NTS. All four owners owe more than the current value of the property, so these would be negotiated short sales. One of these properties is currently pending, the other 3 are not even listed for sale. My foreclosure service did not bring up the REO property you were looking at through the RealtyTrac site (which does not surprise me since RealtyTrac data is often dated).
Specializing in working with distressed property owners throughout So Cal for many years, we might be able to work together to get you a great home at a great price. Unfortunately for the home owners, there are tens and hundreds of beautiful homes in foreclosure. Fortunately for well placed buyers, there are tens and hundreds of deals either on the market or waiting to be brought to market for the right buyer. (In the small area bordered by Wood Rd, JFK Drive, Trautwein Rd and Van Buren, there are currently 20+ properties in some stage of foreclosure.) If you are interested in acquiring a home in this area, contact me directly. We can work together to make it happen. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty
In order to help you I would need the exact address for the property you are interested in as there has been a lot of activity on Lodgepole and I can't be accurate without more info.
Please feel free to email the address to me and I will be happy to get you as much information as I can.
I look forward to hearing from you soon.
Take care and have a great day!
Tisza Major-Posner, Realtor, IVPG Realty (909) 837-8922 email@example.com