The inductance issues mentioned do affect initial pull in, but after a fraction of a second the solenoid will be in steady state current. The actual current depends on the exact configuration of your wall wart.
The simplest and oldest have a simple rectifier and significant internal resistance. The spec means that when 700 mA are drawn approximately 12 volts will be at the output of the supply. At open circuit these will typically supply somewhere between fifteen and twenty two volts. If you measure this open circuit voltage you can infer the internal resistance as the open circuit voltage minus twelve divided by 0.7 amp. The typical voltages I mentioned indicate a range of this resistance between about 3 ohms to a bit more than 13 ohms.
The steady state current in your solenoid would then the the open circuit voltage divided by the sum of the solenoid resistance and the internal resistance.
These are all approximations. There are other things going on, and the specs on wall warts are notorious for their inaccuracy.
Newer switching wall warts can have better internal regulation, over current protection and a number of other "features". It would be instructive to measure the voltage with various resistances in the 1 to 20 ohm range. It is conceptually easy to do this, but be careful. These tests will dissipate ots of power in the load resistors. Use the power equation, power equals volts squared divided by resistance to find the predicted power and make sure the resistors are up to the task. Also recognize that they can get hot enough to burn you. There are better ways to generate the loads, but are out of scope for a true beginner, and do have some issues of their own.
The bottom line, your wall wart doesn't blow up because one way or the other they have been designed to not cause a fire when misused or accidentally shorted. The fun part is figuring out how this was achieved. There are many solutions, all with different costs and benefits. Think about why one of the simplest answers, a fuse, is often not used in wall warts.