About once a week I get asked about something like this.  Essentially, "How can such a nice big home be selling for such a low price?  And why is there a street name but no house number in the "listing"?

Sorry to be the bearer of bad news, but that home is not really for sale, and will never be sold for that price.

What you're seeing is not a listing (note no street number) but a solicitation by RealtyTrac to sign up for their ($49.95/mo) service providing information on foreclosures (which would get you the street number of a home that's in one of three stages of foreclosure

1) Homes which  have received a Notice of Default (NOD) which is simply the lender's notice that the owner is behind (usually three months) on the mortgage payments. If the owner can catch up or make a loan modification or other arrangements, the home will never be on the market (until the owner decides to sell).

2) Homes is in Auction stage, meaning a date has been set on which the home will be sold at auction if the owner does not get current or make other arrangements.  Auction dates are commonly postponed serveral times before any sale actually takes place.

3) Homeswhich have actually been through the foreclosure auction and are now owned by the bank, but are not yet for sale. Banks own many foreclosed homes today and it appears they are dribbling them in to the market to prevent the further collapse of values that would result were all banks to put all their foreclosed homes on the market at once.   It is not unusual for a year to go buy between foreclosure and actual listing for sale.  Yes, all foreclosed homes are listed with a local Realtor when they are actually for sale.  No, there is no way to buy a bank owned home before it is listed. 

So where does the impossibly low price come from? It's probably either the amount that the owner is behind on payments or the amount of one mortgage on the home (and there are probably two and maybe three mortgages total).

I hope that helps you (and others reading this) understand why these "listings" are not what they appear to be,

If you want a list of foreclosures that ARE actually for sale, I (or most any good Realtor) will be happy to provide that FOR FREE!  Click here then select "Foreclosures".