It is a foreclosure/bank owned home. These houses are usually priced well below market value so at first glance a lot of home buyers think they are getting a steal. Very few bank owned properties are in great condition so you need to be prepared to offer close to or full listing price and potentially spend some money fixing it up. Also, just as an fyi, be prepared to buy the property in "as is" condition and for the closing to take much longer than the average time.
Here is all the info on the property: