Help understanding sheriffs sale??

[Anonymous]

I know this is a bit outside this board, but you are all so smart about this!!!

There is a house we are going to look at this weekend.  The price is 20,000 under its value/appraisal and compared to what we have seen.  It is listed through a realtor, and also 'as is.'

I drove by today, and there is a sign on the garage that says "sherrif's sale", so I went on-line to see what I could find.  From what I can tell- it was listed for sale in 1/4/08, but was 'CANCELLED PER PLTF'S ATTY.'   What might this mean?

I'm not thrilled about buying a house through ss (sight unseen, right?), but I'm not opposed to a foreclosure, etc.

Can anyone help me understand this?

-iwannahouse 

[gdtobefree]

I am going thorugh this right now, canceled by attorney means that either the owners are trying to work something out with their lender or have filed chap 13.

I will tell you this though, if there is still a mortgage on the house the lender is instructed by the MI co to bid up to the amount owed on the loan, ex. if the balance on the loan is 75000 and the appraisal is 55000 and you bid 56000 chances are that you will not win the bid since the mortgage co will out bid you to get what they need to satisfy the loan.

[Anonymous]

Interesting... Unfortunately, I cannot find out how much they bought the house for.  It should be listed on the county website, but that line in blank.  It was previously a foreclosure, and it was foreclosed/purchased for 110,000 (as part of the foreclosure), and the current owners bought it from 'them.'  The house is listed at 130,000, but appraised for 145,000.