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This property is Real Estate Owned, or REO. The property was foreclosed and repossessed by a lender when the owner failed to make payments. A bank is now the owner. Since banks are not in business to own homes, they are usually interested in selling foreclosed homes quickly at attractive low prices. A list price is published but reasonable offers can be submitted for consideration. Offers can be submitted through the official Listing Agent but in some cases, no agent is listed and offers can be submitted the bank owner directly.
This is a HUD Home that the government's Department of Housing and Urban Development foreclosed on after the original owner stopped making payments. This home is sold via an auction process whereby the highest bidder wins the home, but usually at prices affordable for lower-income families. Owner-occupants are given preference before investors. The list price is provided but any reasonable bid may be submitted. All bids must be issued through a registered HUD agent.