First Deal help

Hello this is my first post

I am new here @ DG and a new REI.

Need some advice, i found a property that is vacant and is in foreclosure process.

I called the number on the sign in the window and got a lot of info.

The house is going up for public auction at the court house in 3 weeks.

I know the bank that owns it but was told until its auctioned the owner still owns it.

what is the best approach?

do i contact the owner directly or wait for auction?

Will the best deal be direct or at auction?

How do it should i approach this deal?

Any advice is greatly appreciated.

What is a low ball offer range?

Some Notes:

The average house in its area is about 124k (2 sold in 2010 for that price) and when it had a real estate sign on it 3 months ago i called to inquire and the Real Estate agent said they had turned down offers under 80k but now in foreclosure maybe things are different.

Its a duplex single story, one 3 bed / one 2 bed units.

Rent is the area is is $795 for 3 bd and $650-700 for 2 bd.

Looks like it needs carpet some yard work and paint and maybe 1 or two appliances but looks pretty good from the outside... of coarse needs to be looked at by a pro.