Yes indeed it looks very shady. However just to correct something Mike. Yes the purchase was recorded in 2006 and they owe 475k not 380k. They financed the original purchase 100%. Second the interspousal deed was recorded back in 2006 so it is not like they just did the interspousal deed recently to list the property.
The extra low listing price is an eyeopener. I would venture to guess that it was done in order to get a bidding war. The home is not in default but it is a short sale. The listing agent does have both sides. Funny they listed it as pending because I would imagine there is no way they have approval on the short sale yet unless they got a heck of an offer.
So from that standpoint yeah I would be skeptical as well. The listing agent works for a mortgage brokerage.
