It last sold for $349,900 on 6/4/2007. The mortgage is for almost $300,000. The listing in the MLS implies that the home is being sold as a "short sale." That is when the bank allows the homeowner to sell the home for fair market value, even though it will be less than the mortgage. It is a good opportunity if the bank will allow the price negotiated. The only real difficulty is in the time to complete the process. Some banks work quicker than others in approving the sale. In this case, the bank is Chase.