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It was sold at a foreclosure auction - you may find that it was the bank that bought it for that price (price of the outstanding loan) and then they sold it on. You could always try to find out who the buyers/sellers are.
Cvoc13
2010 Sep 5, 2:30pm
Agreed, That happened to a friends of mine, Bank pay off was 420K and they sold (REO) to no one on the court house steps, and it was offered at the sale for 250,000 and they REO'd it. Then 73 days later sold it to end (true arms length transaction) user (end user that is) for 215,000 so it looks like it was sold for 250,000 then 73 days it looks like it was sold for 215,000 when in reality it was only REO'd for 250 and then sold for 35K less @215,000
http://www.redfin.com/CA/Cypress/5556-Orange-Ave-90630/home/3992934
Bought at $401,314 and sold at $304,000 six months later. Property looks good from outside. Can some one throw some light on what do you think happened here?