I'm not sure where you saw or heard this price. But the phrase, "buyer beware" comes to mind.
Unfortunately, this phrase is true for any bank-owned REO property sold with a "Special Warranty Deed".
The "Special" part of the Deed may in fact leave the property worthless, unmarketable and not eligible for financing. Or even worse, there may be clouds on the title that the new owner inherits with the property. Some "Special Warranty Deeds" come with provisional clauses restricting the new owner from reselling or leasing the property for a period of time.
Cash buyers are particularly vulnerable to problems relating to a purchase of a bank-owned REO. Ask for a copy of the bank's title commitment. And make sure to purchase your own FULL title search. Do not depend on the bank's title company. It will cost $ 100-200, but it could save you thousands and a total nightmare.
Best regards, Tom