No, it means that the bank is getting ready to take it back. Forclouse on the property. if it is for sale "entering default" it might still be owned by the occupant so you would be dealing with them and not the bank. Although if you offer less than what is owed the owner or broker can ask the bank for a "short sale" and sell it to you for let than what is owed and the bank takes a loss, the owner is out of the deal and you get the home for the agreed upon price. you need to find a good buyers agent who understands short sales. let me know if you need a recommenation for one. i can have our Relo Director pair you up with one.