Bank owned which means it is being sold in as is condition. The bank will not hold any liabilities if the property has issues, pay for them or give you a discount on price because of them. Essentially you will be negotiating with a company - more paperwork and stricter contracts which equals longer time to close. Upside is usually these properties sell for slightly under market value but be warned they can be a headache.
Hope that helps!
Unit one is a bank owned and it is on for 232K with over 1300 sq ft of living area, 3bdrs and 2 baths; if you'd like more information do not hesitate to contact me