Hi Patricia: In our Payson market, usually a straight foreclosure will be listed as "Bank Owned",Fannie Mae, Freddie Mac, HUD or will list the foreclosed owner outright, such as Bank of America.
Corporate Owned "usually" means the property was purchased at auction in a bundle and the owner is Capital company this is selling off the assets of the bundle. Again, "usually" these corporations are looking for a minimum return on their investments and these homes can be purchased at an advantageous price. If you check the tax records, you may see, ABCD Capital, LLC or something like this. Pretty much the same as buying directly from the foreclosing bank, no disclosures, no history of the house, lots of addendum's to sign, etc. But, you could get a real deal!
All the best,