My personal experience with realty trac, where this property is listed according to your link, is to generate interest so that you call one of their agents. This is a roundabout way to find a property to meet your needs.
This is not a home that has yet been foreclosed upon. It could be listed as a short sale currently and available for negotiation. It could be going to foreclosure and you can contact the bank to understand your interest and be 'first in line' when they put it up for sale after the foreclosure takes place. But have you seen the condition of the home? Do you know the value of the neighborhood in today's market? As the others have said, you need to gather all of this information and a good realtor is your best resource to help you make an informed decision, and even as important, to negotiate the best price and terms on the property that meets your needs.
Make sure and select one that's actively working in this market, because the 'game has changed' from a year ago. Having an experienced realtor will help you tremendously.