In other words is it a state where only the certificate holder can take possession of the property during a foreclosure as the property is not put up for public auction?

Just to elaborate a little on what Bill wrote and the determination of overage - I'll use the example from the OP above.Note purchased for $198K, goes to foreclosure auction.

I bought them at the HUD auctions, so previously they were on FHA mortgages that defaulted and were foreclosed on.

Sold for 60k+They keep telling me why would they pay 24k when they can get other homes like it for 5-12k at auction.

I have invested in others' houses and farms, helped other people get their loans and invested in income producing properties.Buying from homeowners with and without Realtors, Auctions, Bank REOs and Tax Deed Sales!

As I continue to praise Goodman products, it's backed by my experiences with them.

10 years ago the retail buyer was all over anything with the word "auction".

http://www.biggerpockets.com/forums/67/topics/67064-why-do-investors-buy-hoa-liens-at-auction

According to AZBidder.Com, prices at the foreclosure auctions have increased 12% since January 1.

You will need to talk to the current owner and get the information from them or get permission from them to talk to their lenders.You find out how much you can buy it for from the current owner.If you mean how much would you have to pay at the auction, then realize that may well never happen.