Most Bank owned listings are priced below market and attract multiple offers. Not all, though.
If the property has been on the market for more than 30 days you may have some negotiating power.
Also the majority of condo complexes require an ALL CASH offer so if you are getting a mortgage you may want to verify if the complex is eligible for financing.
You will not be able to contact the bank directly, the Asset Manager assigned to the property will select a local agent to list it for sale and you will simply submit your offer in writing along with proof of funds and then the listing agent will upload your details to the asset manager's website. They look at the bottom line and you cannot submit your "personal statements" or your own comparables, they simply don't care. They've done their due diligence and know what the property is worth and if you make an offer within the acceptable range they will accept it.