Bank owned means that the house went into foreclosure at the sheriff's sale and the redemption period is over, so now the house is owned by the bank. The bank has taken back possession of the house from the homeowner who went into foreclosure and is now trying to sell the house.
As Ron explained, a bank owned property is a foreclosure. As a local realtor and Middleville resident, I am very familiar with the area. I'd be happy to answer any questions you may have about this property or any others. Please feel free to contact me at your convenience, 616-450-0131 or firstname.lastname@example.org.
It means that the house has already gone thru FORECLOSURE, all the Liens have been satisfied, and it is ready for sale to you.
Contact a Buyer's Agent for a CMA to determine Market Value and make an Offer.