Foreclosed property question

[Sunny P.]

I am looking at a condo that was built in 2006. Owner 1 bought it for $163000 and sold it to owner 2 in July 2009 for $127,000 and then in July 2016 some loan servicing company bought it from owner 2 for $114,050. 

The sale price now is $114,900.  

How does foreclosure work ? Why would the loan servicing company buy the loan when they already own it ?? 

What would you offer on this? The market is hot. This has been on the market since September 2016 but went pending in March 2017 and now came back on the market last week. 

Thanks