This listing is saying that a notice of default was filed, per Realty Trac. This just means the owner was late enough for the lender to file paperwork. It doesn't mean the house is for sale, or bank owned. If you are interested in this home, you could mail a letter asking if they would be willing to sell, or google for a phone number and call direct. They may be in a situation where they would welcome a solution to a financial problem. Any number of circumstances may exist that might get you in a position to make an offer. If you prefer to wait to see if it makes it to foreclosure, before trying to get an offer accepted, you may be waiting 2-3 years.