The homes that are listed on multiple listing sites, trulia or other internet sources are a mixture of all types (resell, for sale by owner, shortsales, foreclosures, etc.) The best way to know what type of listing you are viewing is to contact a Realtor. That person will be able to assist you. Give me a call, I'd love to help you (678) 262-7193.
Most of the home listings which are on Trulia and other real estate websites are transferred directly from area Realtor's Multiple Listing Service website. The Bank Sellers who have foreclosed on homes almost always require that they are listed on the public MLS system so that they get as much exposure as possible. Some of the Bank Sellers even require that a 10 day period pass before they will look at any offers so that they possibly will get mutiple offers from Buyers, which generally ends up with a bid above the asking price being the winning bid.
I would be glad to assist you with your home search, whether it is for a foreclosed home listing or a regular resale listing. I strive to find and negotiate the best possible deal for all of the homebuyers that I work with. Please feel free to contact me at 678-516-1000.
Bank owned happens when the property has been foreclosed, offered for sale at auction on the courthouse steps and no one bought the house so it goes back to the bank. At that point the bank ownes the property and sells it through an REO broker.