If Realty Trac is right about the loan amount, and you have cash, I would suggest buying the note and taking the deed in lieu of foreclosure. I've done it before and it's not that hard - just time consuming. I am very experienced in short sales, bank owned property, buying and holding notes - pretty much everything foreclosure related.
If nobody buys the paper our company (Concord Real Estate) may get the listing. We have about 120 bank owned properties in the area at any given time and we move alot of the banks' unwanted assets.
Since Sept I have sold condos, condotels, and single family homes for a total of $1.8 million. I have another $220K set to close soon and over $400k in negotiation. The reason for this is price and knowing how the banks think, work, and negotiate. I work with the decision makers every day.
If you are serious and loyal, contact me.
Concord Real Estate Inc.