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Purchasing a Foreclosure/ Short Sale


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We are interested in a house that is up for sheriff's foreclosure sale 2/7. I know at the sales themselves it's nearly impossible to win the house from the bank. Anyone know if we could purchase it before it goes to foreclosure? Would this then be considered a short sale or something else?


When the bank does foreclose does the get federal money or insurance or something to cover their loss? So what's the benfit to them of a short sale?


Anyone know if it makes a difference that there are 2 mortgages on the house?


We may just need to be patient, let sheriff sale go through and wait for it to come on market.


Thanks all!

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