First let me start wth my favorite caution. If it looks too good to be true, it probably is.
Now to answer your questions:
1. This property was in pre-foreclosure. It was NOT listed for sale.
2. This property has not been listed for sale, at least not in the past year, according to the MLS.
3. The foreclosure was filed by the holder of a junior mortgage. There was at least a 1st TD before this loan and I believe there was also a 2nd. If the foreclosing lender had indeed taken this property to the courthouse steps and you had bid on it, you would still need to make good on ALL the senior liens.
4. At present, county tax records NO LONGER show this property as being in pre-foreclosure.
You are looking at foreclosure data provided by RealtyTrac. This information is misleading at best and downright wrong at worst. In this case, it is downright wrong. Once RealtyTrac picks up the legal document filing of an NOD or NTS, it does not follow thru and update when they are removed. Even in today's market, where the media will have you believe that EVERYONE is losing their homes to foreclosure, only about 10% of all morgages are delinquent, only about half of these are in foreclosure (NOD filed) and only about 10-20% of the homes with NODs are currently ending up going to auction, or less than 1%.
If you are looking for a good deal on real estate, find a great realtor and work with them. Chasing every foreclosure posted to RealtyTrac will just make you old and tired before your time. Hope this helps you understand that there are no $1.0 million plus homes selling for $88,000 in the LA area and saves you the aggrevation and cost of paying RealtyTrac for their information. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty