That said, Homesales is a loss entitiy for JP Morgan-Chase and they may not be willing to alter the price. They have to try to make the money back some how.
Here's how it works - JP Morgan Chase forecloses. Say you had a $500K house with $300K owed on it.
Homesales buys it from JPC for $300K (what ever is owed on the mortgage).
Homesales tries to sell it for enough to make a profit or at least break even.
It's some very Enron-esque business, IMHO
It seems to me that if the investor would actually like to sell the property it would be wise to lower the price-- although I know nothing of the property to which you are talking about. There are some home that are worth that depending on the home and location.
doing a quick MLS search in that price range was mostly homes that are so brand new, they aren't built yet.