Sheriff Sale

[Mike Lamenta]

Hello Community, I am just starting out and very interested in learning this business.

I have an example to share and look forward to any and all comments.

At a county website, I saw in an upcoming Sheriff sale, this property:

3 bdm 1.5 bath Condo. The site lists the appraised value at $90k and a Mortgage value balance of $5,500. I checked the area and recently, similar condos in the same development sell for between $85k to $100k. 

My first question is, why would anyone allow the condo to go to foreclosure with so little money owed? 

Do any of you seasoned investors buy at foreclosure auctions for the purpose of flipping?

This seems too good to be true....what am I missing here? Help me read between the lines.

Thanks,

Mike.