As you can tell from the answers, it can mean something different depending on local terminology. Here in Northern Illinois, for literally decades, it has meant a property that a relocation company bought from a transferring employee. But, more recently, it also has been used to define properties that are bank owned. If you are looking to purchase a home, I highly suggest that you work with a buyers' agent who can help guide you through the maize, including terminology and determining what the individual property characteristics are.
Hope this helps and much success in your real estate endeavors.