Based on the contents of the ad, this property appears not to be a bank owned property. When you see the words "notice of default" it means the current homeowner is behind with his mortgage payments and the bank who holds the mortgage has sent a notice of default which basically starts the clock towards
a possible foreclosure. The homeowner can always bring his payments current or cure that default, if not the property could be foreclosed. I recomment you select a top residential Real Estate Consultant in your area who will be able to guide you successfully through the homebuying process. Good luck, it's a great time to buy a home!