Simplifying the Foreclosure Process

[Fouad Hayek]

I was interested in a house that was foreclosed on in March of 2020 in Stark County, Ohio. It went to a Sheriff's sale and the Bank ended up buying the property at the starting bid which was 2/3 of the appraised value, $120,000. If this home was placed on the market, I do not think anyone would have paid that much for it. I do not even think that the bank was owed that amount from the homeowner. Why was the bank so interested in buying it back? I know for a fact that the bank will throw this back on the market, but after all costs and fees added to the price they paid at the sale, would it be worthwhile for the bank? 

Thank you!