Is that $194K loan the first or second mortgage? I don't seem to find too many properties with that much equity going to foreclosure --if it is the first lien.
The owner has only two weeks. Do you know how much they need to make the loan current? What is the "real" FMV of the property? Are they already giving any discount on the listing price or that is the FMV?
What is your plan for the property? Flip it? rent it? How much would you pay for it, that it actually makes sense for you?