That property is a short sale, there is already at least one offer at the bank but the owners are collecting back-up offers. Before moving forward with any purchase be informed about the different types of sales (Short sales, regular sales, foreclosures, etc) and their differences. Short sales can take many months to process and the big majority of them never close.
Let me know if you need more details regarding the different types of sales.
This property is not still for sale. It is a short sale and the seller accepted an offer from another buyer. However, the seller is accepting backup offer because about 90% of short sales never work out.
Buyer's Agent Realtor