There was a transfer recorded on this property on December 23rd when the bank received title back from their foreclosure process. Realty Trac, the source of the information you see is using this recording as the basis for indicating it is for sale as an REO property. The price they are reporting is the value of the note and any past due payments on the loan when the recording took place. At this point the bank has not listed it "for Sale" with a REALTOR who could publish it to the MLS. Once it is listed, it will at a market value the bank has determined by requesting Broker Price Opinions. This price could be higher or lower than the one Realty Trac has posted. If you are interested in this neighborhood, have a Real Estate Professional monitor the activity so that you can act on it as soon as the listing becomes "active"
Bill M Godwin
First Team Real Estate
Also, if you have not been approved for financing, you should do so now. You must submit a approval with your offers on REO properties.