Then what you are seeing is NOT an actual listing â€¦ it is an advertisement for RealtyTrac.
RealtyTrac is a provider of data for distressed homes. This data is used by investors and Realtors to track distressed homes. When you see the RealtyTrac logo, you are not looking at a home that is actually available for you to buy: what you are seeing at is either (1) the notice of default for one of the mortgages on the property in question, (2) a notice of an impending trustee sale or (3) a notice of a completed trustee sale.
RealtyTrac notices can be very deceptive because they usually give loan amounts, not the purchase price or fair market value. When and if this particular property hits the market, it will be at market price for the neighborhood.
Bottom line: RealtyTrac is trying to get you to sign up for their service.
The following links may be helpful:
When Is The Price Not The Price?
Itâ€™s Too Good To Be True: REALLY â€“ Top 4 Buyer Myths
If you want to know when these or similar properties will actually hit the market, have a Realtor set you up with an auto-feed that will alert you the moment they become active on the MLS.
Another is showing as active, but contingent (buyer may need to sell own property first before he can buy this one) and that is listed at $309K
I know that the price you see in the link you provided is less than either of these list prices, but that may be what was still owed on the property when the bank forecloses. The bank will then prepare it for sale and engage a realtor to list it on the MLS.
If you are planning to buy property and will need to get a loan to do so, the first step is to get yourself preapproved for a loan if you haven't done so. This way, you will know what kind of loan and how much you can afford to buy. Get a realtor to help you find properties that ARE actively listed for sale at real prices. People become so hopeful when the see prices that are too good to be true.....and then only to have their hopes dashed when they find out these prices are NOT the list price.
Let me know how I may help.