Hi Lauren, itâ€™s very common to be misled by RealtyTrac - see it here on Trulia just about every day. RealtyTrac is not a listing service. They post notices of foreclosure and default pulled from public records. Their postings are very misleading because the price shown is representative of what the property will be when priced for sale. This property is not on the market yet, and when it is put up for sale it will very likely be listed on the MLS, not on RealtyTrac. As far as buying, I would make a formal pre-approval your first step (not a pre-qualification, see:. http://www.Steven-Anthony.com/default.aspx?pp=39377 for the difference between the two) so you can be ready to act when you need to and also be aware of any issues that may prevent you from buying when you want to.