Hi, I keep getting phone calls, some people are looking at internet and their understanding is if a property is default for about $50,000 in Beverly Hills, and estimated price is $1,400,000, no the sale price is not free and clear $50,000. Also No, $200,000 doesn't buy $600,000 condo either. They show public records for information, it doesn't mean they are for sale either, it's up to the owner or bank based on the status of the property.
If you are looking for something like that, as Endre says, banks have their own designated real estate professional to identify the price, it may be little lower than market value, sometimes even higher, hard to believe, but won't be crazy low. Especially now, when the inventory super low, and 40 offers for 1 property is normal (82 offer the highest I heard) , there are people they offer all cash, even $100,000 more than asking price and still lose it, someone else get the property, these are normal sales. So, now, bank owned, they are not willing to sell all their inventory, some sells, some keep for later. Foreclosures are not popular nowadays, because no deal, prices are too high. Some short sale candidates are not in short sale situation any more. Some want to sell, but nothing to buy, so waiting.
So, if your low price is based on default amount of the public records, there is no such a thing, just as information. but I recommend to work with a good agent who knows distress properties, and talk about the details what you mean, and you will get more accurate information. I'm working in Beverly Hills, I have SFR certification (short sale foreclosure resource),I'm paid member to distress property websites, networks. If you want to talk more, my info
166 North Canon Drive
Beverly Hills, CA 90210
310 428 6573