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Ok folks - how does this work?

there is a property in my town in which I am interested.
It is a foreclosure.
Owner vacated last week. says
This property is an REO (Real Estate Owned). This is the final step in the foreclosure process. Ownership has reverted to the lender. This property has 3 bedroom(s) and 1 bath(s). The estimated sale price is $95,048.00.

My questions:
what does estimated sale price actually mean?
Is this the balance owed on the principal?
Is this what the lender wants to receive?
Is this the balance of the loan?
Is this an estimate based on an assessment?

what are the chances (in general) of offering 60-80% of that in cash and having it be accepted (this is assuming that it does not go to auction)

peace & for the MIL
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