My question involves a foreclosure in the State of: New Jersey
I am trying to buy a house whose owners declared bankruptcy. the house is going to be for sale next week at a sheriff's sale. I had a title company run a title search and everything checked out fine. It's my first sheriff's sale so I am confused as to what the final price might be. My understanding by looking at houses that went up for sale due to bankruptcy is that nobody is buying them because the asking price of the bank is basically the market price.
So it's not like a foreclosure where you can make a nice deal. Is that usually the case? Market value is $250,000 and I'd like to spend no more than $105,000. Should I even bother going?
The bank doesn't care to sell it for a lower price? Also, is there anything else I should look at before trying to buy the house?
Thanks for your help.

