The price of 20K provided by Realty Trac, IS NOT misleading, it is transfer value price for the Bank. that means the price of last record in the history of property.
The real price of the property is higher, of course, however you can negotiate and submit a reasonable offer to the bank.
I am surprised that so many realtors dont know that.
I did subsribed to realty trac as a realtor, and it is a great source of REOs, and Foreclosures. So you can definitely find a bargain, but need to be financialy ready and have your funds together.
In FORECLOSURE you are dealing with the bank, basically you submit an offer (reasonable) and bank either accept or deny your offer.
We specialize in foreclosures, short sales, and REOs, please feel free to contact me.
I would be happy to answer any of your questions.
Good Luck & Happy new year!