It is not for sale. Trulia gets a pre-foreclosure feed from Realty Trac but these are not homes for sale, they are homes that are defaulted on their mortgages. The homeowner can work out a mortgage modification with the bank, pay the back amount due, declare bankruptcy, or sell the home to pay off the bank. In 2012 there were only 4 foreclosures in Palo Alto, 2 single family homes and 2 condos. In 2012 there were 2 short sales, both condos.
So as you can see, the chances of getting a distressed property in Palo Alto are very slim, and since there are so few, getting them at below market value pretty much impossible. One short sale condo listed at $350,000 and sold for $600,000 which was market value.
One single family home that was REO sold for $2,600,000 which was a little below market value, but not much.
Keller Williams Realty