US Bank Sheriff Sale

[Ambre Hurak]

Just found out that the owner of a short sale I'm interested in owes $92,000 on the foreclosure. The house is appraised at $71,000, with an opening bid of $47,000 (some change). The bank is US Bank. I'm not feeling very hopeful now that we know the owed price. We don't want to spend more than $50,000 at auction since the resale is about $100,000. (FYI getting it at $50,000 in this county is feasible). I'd like to contact the bank to see if we can settle prior to auction. Is there a way to contact the bank prior to the auction to see about offering something to them? How does that work? Thank you!! recommended?