I see that you found a unit on the Realtytrac site, I am a Local Realtytrac agent and if you need to get any more info on this property or any others that you see , I will leave me contact info at the bottom of this message.
The unit that you asking about is currently listed.What you need to keep in mind is that the seller is potentially in default. With that in mind you need to do some research on the property to get a better idea of what it is really worth not what they owe. I do the majority of Short sales in Cape May county and the sticker price is never what they actually sell for. A bank will allow a property to be sold for what it is worth even though more is owed. The worth is determined by what has sold similar in the same area within the last 90 days . They can be other Pre-foreclosures and bank owned if the market is being driven by them. So you need to know what has sold and at what prices before making your offer. I didn't check this property,but most of the homes that show up on Realtytrac are not being marketed as Pre-foreclosures. The sellers try to get enough out of the sale to pay off the debt ,more times than not the debt is more than the property is worth. Most sellers dont even know what a Short sale is and let the listing expire and just let the Bank come and take the property. That is the worst thing to do, a Foreclosure can stay on your credit report for at least 7 years. If you are concidering a property that you saw on Realtytrac you need to be working with someone that understands Short Sales and how to get them done.
Whatever Agent that you work with should know how to get to the bottom number. There are great deals out there if you know where to look.
Good luck and do your research.
Realtytrac Area Agent