Depends, Bank Owned (or REO) listings are sometimes presented as Foreclosures on the MLS or in advertising flyers.
A foreclosure is where you go to an auction on the courthouse steps and bid for the property. Very risky because you generally have no opportunity to inspect the property, you have to pay cash on the spot, and you're buying the property subject to (meaning you assume) all senior encumberances and deeds of trust. Buying foreclosures is not for the inexperienced investor.
By contrast, a bank owned, or REO property is generally being marketed by a Realtor working with the bank to sell the home. You have the opportunity to visit the property before you submit your offer, and you generally have a contingency period to fully inspect the property before you finally commit to buying it.
Much better situation for the average home buyer! Hope this helps.
Happy house hunting!