Answers: Bank owned but they are presently not accepting offers on it. It is not for Dutch auction.
I have never hear of this term, but if I have to guess, I would say that at the present time, the property is not self marketed for public sale. This could be for reasons such as clouds on the title, repairs that obligation to be done or if the redemption period is not over; or possibly the lender have gone forward with the foreclosure but the owner have filed liquidation or gone to court to stop it for other reasons.