Is this a Deal....Worth Doing??

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Hey All,
I am newbie new, so my first goal is to do complete a wholesale deal. I was given reliable information on a house and need some advice on how to proceed.

The property is 4 bed, 3 bath, 1/2 finished basement, ~3000 sqft and is bank owned. The bank wants $159,000 and the comps in the same neighborhood are ~$220-270,000. It seems like a great deal. So, first question: Do I move on this or not? If so, I am not sure if the same rules apply since the property is owned by the bank. When working with motivated sellers I understand the process of putting a house under contract (purchase and sales aggreement...and do my due diligence...and find a buyer.) But how do I proceed with a wholesale on foreclosed home?

Thanks for all the advice!!! :D