pricing of a foreclosure property
In sync with the confusion about pricing, I'm trying to figure out how the price is set for a property falling into foreclosure (D-day is near, with a Sheriff's Sale scheduled or such). I understand mortgages and any liens on the property need to be paid off and that the price is set to induce a buyer for a quick sale. How does the condition of the property play into it all? I'm not talking about a formal "short sale" here, though of course there's overlap on some intent.
'Really look forward to your responses ---