Motown newby

[Adam Duncan]

Hi my name is Adam Duncan. I have a small furniture design and manufacturing business in Montrose CO. I have been educating myself in real estate buy and hold investing. I would like to  buy a single family rental home in the next 10 months.  while learning and familiarizing myself with the inventory in my area I came across a small home with a notice from the bank stating that the property will soon be going into foreclosure.  I looked the property up on the county assessor's web site. It is assessed at $87,000 the last purchase of the property was $40,000. The owners live out of town. is it to late to contact the owners of the home to discuss possible purchase once there is a notice on the door from the bank? Should I contact the bank? should I call a realtor?