Short sale or REO does it even matter?

[C & J Metzger]

Don't you just love what you see when you take your dog for a walk? There is a house that just had a Realtor sign put up yesterday. I knew it was going into foreclosure, but I had been told by the defaulted home owner that they had just defaulted on their 1st payment. I know they might not have been truthful with me, but since all I get is voice mail heck from the real estate company listing it, I'm not sure if it is a short sale or if it has already been to auction. How would I find out, does it really even matter & what are my options? The listing price is very good, less than 1/2 of what the defaulted owners paid for it at the height of the market. I've been in the home several times and know its condition is good for its age. I would be very interested in picking this up if I can. Since this is way out of my norm (tax deed auctions) I'm sure I'll need lots & lots of guidance from everyone here on BP. Please let me know what I need to know!! Don't be afraid to tell me if its not as good of a deal as I am hoping it is!
Thanks in advance,
Cindi