That is problem, you will only know the address if you subscribe at RealtyTrac.com. They will give you a 7 days free trial to get you interested.
Anyway, the property is not for sale yet, the owners are behind in their mortgage payments and they received a Notice of Default( NOD). technically, this starts the foreclosure process, but it could take a long time.
What will happen with the property?
-owners could pay up all the debt and become current
-owners could decide to short sale the property with a Realtor and it may or not be successful, depending on their financials, how long they've been defaulting, etc..
-bank could auction the property and the public is invited to bid on it; cash only and as -is
-bank could reposes the property, which becomes REO( real estate owned, by the bank) and later listed with an agent or sold though other auction site.
If it looks too good to be true, it probably is.
As Realtors, we have access to all sorts of distressed properties information and we can offer good advise. Feel free to contact one of us.
Alina Aeby-Broker Associate, SFR
Pacific Union International