Bank repo means that the house has been foreclosed on and the bank is now selling it. It is a brand new listing and there are multiple offers on the house already. The listing agent is asking for all offers to be buyer's "highest and best" and that they are to be in to the listing agent by Wednesday, May 13 at noon. "Highest and best" means that there are a number of offers and the seller is giving all buyers a chance to put in their offers for the highest amount they are willing to go and with the best terms (best for the seller).
There are about 10 other similar houses within a square mile of this one that are currently for sale. Let me know if you would like me to send you those listings or if I can help you with information about the area.