You are looking at information provided by RealtyTrac. As I have said many times in this forum, RealtyTrac information is at best confusing and at worst, downright wrong. This is one of those "downright wrong" moments.
This p[roperty is in "pre" foreclosure. That means, a notice of default (NOD) has been filed against the property. The property is not now, nor has it in the recent past, been listed for sale. The note in default is $580,000, not $58,000. As of January 2, 2009, the date of the NOD, there were $14,238 in delinquent payments. In addition to this loan which is in first position, the owner owes a 2nd TD of $108,750. The owner has approximately 111 days from the NOD date to work something out with their lender or sell the home. If neither happens, it will be sold on the courthouse steps and the lender will probably end up owning it as an REO, since the total debt is $688,750 and the home is not worth that much.
Now, if you are interested in homes in this area, there is a house right down the street for sale. It is a 4 / 2 with 1685 s.f. of living space, according the county assessor. It has hardwood floors and a large den. It is currently listed for $499,900. Let me know if you would like to see this property.
Your home is out there. To find it, all you need is some time and a great realtor who will help you find the REAL deals, not the RealtyTrac misinformation. Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty