Looks like Deutsche Bank is the trustee for the investment pool that owns the mortgage on this property.
It shows Deutsche Bank filed a preliminary foreclosure back in Oct. 2008 but the lawsuit was filed by the well known fraudulent robosigning law firm of David J. Stern.
So at this point if you're looking at a RealtyTrac pre-foreclosure listing then it may be as long as two years before the lender may actually foreclose and take ownership.
In the meantime the Sellers may get a loan modification and keep the property or do a pre-foreclosure, short sale. If the Sellers decides to do a short sale, they must hire a Realtor to list it on the MLS and their Realtor will supply the listing details etc to the "servicer" for Deutsche Bank. Then the servicer will hire do at least one appraisal to determine the current "as is" market value. If the offer received is in a reasonable range of full market value it the "as is" condition and the seller has a genuine hardship they may allow a Short Sale. Right now the property appraiser's value (normally runs about 80% of current market value) is $130k so it's unlikely you could below it below that amount--unless there are serious defects.
If you're not yet working with a Realtor and want to see properties that are actually available for you to buy, you're welcome to sign up for a free ListingBook account on my website: http://www.SoldOnTampa.com
It can alert you of genuine bargains, post foreclosure, bank owned listings. You need to make your offer the first day on most REOs or you may miss out.
Hope this helps.
All the best,
Alma Rose Kee, PA
Future Home Realty
So while you're waiting to see if thie one