I think I know the answer to this but I am hoping to get confirmation and more insight from the BP community.Is everyone experiencing low inventory on auction sites like Hubzu, Auction.com,Xome? 

I have a feeling the city will end up taking possession of the property and we will have to buy it at auction.

You need the owners of record to agree to sell it if you are trying to purchase a property in foreclosure prior to the auction. 

There are deals that are pre-foreclosed however, if I get it today, the auction date is OCTOBER 6th,2020.

After analyzing house after house, we finally found an auction house worth bidding on.

If a property is being auctioned that has a $150k mortgage, and we win the auction with a bid of $70k, do we need to pay the outstanding balance on the mortgage?

You should try an auctioneerI am getting mine likely auctioned.. 

Like I said before, it's about how hard you want to work, the deals are out there, you just have to be willing to find them.Jeremy Romig does a lot of auction work in Vancouver Area, look him up, there are deals there all the time, but you'll probably need cash.  

If it is under auction from a bank, what website do I use to find out which bank is holding it to make an offer?

Auctions aren't known for the accurate data and to my knowledge, they aren't beholden to the same standards as the MLS.