Weird deal on property for sale

[Martha Daisley]

i came across a deal that seems a little suspicious. Theres a 4 bedroom house thats for sale by owner for 90k. Its in great condition, doesnt look like any repairs needed. The value of the house us 270k. I thought this was strange because houses in that area havent been 90k since 1995. My friend looked up the house in public records and found that the guy has a loan on it for 248k. 

So why would he be selling it for 90k when he owes 248k? Im sure hes not really planning to take that loss...could he be planning on pocketing 90k and walking away from the loan?

Martha