buying a foreclosure to flip

[Anna Stephens]

I am just getting started with real estate investing, and have found a home on Zillow being sold by the bank for $71,000.  It was foreclosed to the lender for $95,200.  I'm not really sure what that means as far as the price.  Can I offer a lower amount than the $71,000?  Is there a chance that I could pay less?  The house is just less that 1800 sq ft and needs all new floors, both bathrooms and kitchen update.  The roof needs replaced, it needs gutters, the chimney exterior is missing siding or whatever was on it.  The house once updated should sell for $170,000 or more according to comps in the neighborhood.   I really see potential in this and want it, but I am afraid that I am missing something I should know. Like liens on the property?  How and when do I start to find that out? Any help would be appreciated!

    Thanks, Anna