Unfortnately you are looking at another confusing piece of information. The foreclosure market has created a flow of information, through public records, that is misleading. What you are seeing here is the "credit bid" of (or amount owed to) the foreclosing lender. At the time of the Trustee Sale there were 3 loans outstanding against the property and the foreclosing lender was in 2nd position. It is also possible, since both the 1st and 2nd TDs were in default, that there were delinquent taxes and HOA dues. There was obviously insufficient equity in the property or it would have sold to a 3rd party at auction, not gone back to the lender.
For your information, the most recent sales in the area (which all closed prior to 01/01/2009) were at $600,000 and above.
If you are looking for a great deal in Torrance, your best bet is to work with an experienced REALTOR who knows the area, the inventory, the foreclosures and pre-foreclosures, and can help you identify a REAL great deal. Let me know if I can be of assistance in any way. Or you can go to my web-site and search like an agent for your own great deal. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty