Ok I am sorry to be the one to tell you that the web site you just became a memeber of is a waste of money. No worries though just don't re up when it comes time and use it to see what the foreclosures are going for in your area after it goes through a bank and to a realtor. This will give you a good perspective on the area so you know what to expect out of your home for a buyer to feel like they got a good deal. This will afford you a quick turn.
I am going to tell you the best way to buy and sell foreclosures isn't on a website it's at your local tax office. Go to your local court house and go into the tax office and take a look at the foreclosure docketts within. These docketts will tell you all the foreclosures in your area. It will tell you there names, address, when they opened the note, how much they borrowed, who they borrowed it with, and lot information for the home. These are homes that have not yet been taken by the bank and fixed up,marked and in turn then the realtor marks it up too. You can look through hundreds of foreclosures each month in your home town. I live in a smaller town and there is always an overload.
Now I am going to answer your question about "subject to liens and potential...etc" This simply means they are not going to garauntee that ther is no liens against other than the banks lien. In other words the bank might need to get $50,000 out of it and the realtor wants to get $85,000 out of it, but the state could have a $25,000 lien on it for back taxes. Or a previous owner might have done a second owner finance lien on the home for $15,000. That amount will be attached to what ever purchase price you agree to. So if you purchase this home you will be responsable for all liens that must be paid at date of sale.
The way to get around this is once you find a house that you are interested in buying, assess the damage and make sure it's the one you want and get what's called a gauranteed title search. If it comes back clean and something pops up at closing you are not responsable for the lien the title company will be. The only way this is null and void is if you buy your home on the court house steps the day of auction. You will only pay the amount agreed on at the steps.
When you search your local dockett look for homes that the loan was opened more than 10 years ago minimum. This will insure that they have paid a large amount of the loan they opened. If they bought the house ten years ago and took out a 20 year note on it (which will be in the information you look up) they already paid it half off. (theoretically or close) Also if they bought it ten years ago the value has gone up. If they bought it for $50,000 ten years ago and paid half off, they owe $25,000. If it was worth $50,000 ten years ago it's worth $100,000 now. They owe 25 you just bought a home at 25 cents on the dollar. I recomend you never buy a home for more than 45 cents on the dollar. This way if by some chance your market has a crash ( like Detroit just had) you will be able to either hold and rent for more than your payment or sell and move on.
I know this was a little long winded but I hope it helps. If you have any questions feel free to e-mail me anytime. firstname.lastname@example.org
Hope this helps...Good Luck!!!!!