Am I missing anything here?

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I have read a couple books, I'm extremely quick with numbers and I have spent some legwork around the area.

Here is my possible deal:

House is listed MLS for 45k
Went by, looks pretty solid, a little cosmetic damage on the outside but still a 1k sqft, 1car detached and patio w/ bd access
House sold 16 months ago at 80k
House is appraised by the county at 70k
Neighborhood is pretty decent, Zillow lists most houses on the block at 90k
Recent sales also support this.

My questions:

County tax records indicate that a mortgage company is the registered owner and has paid taxes on it, but I cannot find it in their REO listings. Is this a pre-auction? In what circumstances other than an REO will a mortgage company legally own the property?

Should I try and skip their agent and go directly to the source and try to get financed through them?

Am I missing anything here? I just feel like this is too good to be true. 35k turnaround? Why hasn't anyone else gotten this? I found a 31k property that I REALLY could have made nice for cheap (mostly landscaping) and sold for 75k easy through MLS and moved too slow and a realtor beat me to it. Now this one feels like it's too good to be true and I'm afraid that I'm missing something but I feel the urgency now as well.

After ALMOST moving into a 150k house that needed no work, I realized I wanted to get into REI and I am now aiming for a owner-occupied semi-rehab that I will turn around and sell in 2 years for maximum gain. I have been pre-approved for a loan up to 150k through a broker (didn't ask for any higher), I don't think this will be a problem.

Someone just help me out a bit here, I have read the forums but I guess you need gut instincts for the business, and mine are saying DO IT DO IT but I'm just afraid I'm missing something or will go about it wrong.

Someone hand me some balls, please!