Piedmont --- since you identified yourself as a buyer, presumably, you copy/pasted the text about this particular property from a foreclosure listing site.
Somehow, I just never thought there would be pre-foreclosures, etc in Piedmont. But there are!
This property is located on Harvard Dr. The projected sale date at auction is on Jan. 8, 2010. The default amount is $10,035, but the opening bid IF it happens, is $185,535 based on a loan amount of $176K.
It is highly UNLIKELY that it will sell for this amount since the market value of this property is approximately $804K, and the owner has significant equity of over $300K on this. The loan balances are around $486K.
So if the property owner is in default for only $10K, the chances are the owner will find a way to resolve this default, via: payment in full, forbearance, loan modification, or even short sale if it comes to that.
And..it doesn't look like this property is not listed for sale, which is an indication of the home owner's plan to stay
As they say, if it's too good to be true....