What doews it mean when it says "real estate Owned"?

Does it mean that the real estate office sells it for the price it has on there. I found a house in california and its for sale at $11436. And it also says real estate owned. Does that mean I buy the house from the real estate at $11436. Are there any other fees that go with these costs? And roughly how much... show more Does it mean that the real estate office sells it for the price it has on there. I found a house in california and its for sale at $11436. And it also says real estate owned. Does that mean I buy the house from the real estate at $11436. Are there any other fees that go with these costs? And roughly how much would it be altogether with the house and fees. Give me some numbers. thanks
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