SFH on the market but Foreclosing...

[John Hrvatin]

I was driving through a neighborhood today that I absolutely love and came across a house for sale. I pulled up, walked around the house and peeked threw the windows. Its a little outdated but in great condition. I found it on the realtors website and it says it is a bank owned property(REO). How come its for sale and asking $277,000 when it says its a REO. Does the owner have x amount of days to try and sell before it goes to auction? If the property does go to auction how do I get more info on the auction date and if it has liens...etc?

Also I have run the numbers through the flipping calculator and I believe I can make it work for the right purchase price. Other than figuring out some creative financing whats my next step?