This was the description of the property in the MLS that we have access to:
A fixer-upper with great bones in desirable Croydon Heights near the river. This house is in need of cosmedic updates, but it has great potential. Downstairs features a great room, kitchen, and back room with double doors that exit to the back deck. Upstairs features 2 bedrooms and one full bath. The property boasts a large 2 car detached garage and room to store your boat on site. Being sold in as-is condition.
Not sure if it was a foreclosure or not (the MLS makes no mention of it being so). Hopefully this gives you a little insight as to why.
Andrew Himes, CRS, e-PRO, ABR
Prudential Fox & Roach Realtors
I believe the gentleman is asking Why not When.
My educated guess is that this was a foreclosure. So the $ that is reported here isn't the true value of the home - it's just really the last price it was sold for. If it was a foreclosure then this was just probably the amount of the primary lien against the former owner. They also might had had other liens against them.
These figures can be confusing, since they seem to imply that 'some people got great deals' and that's not necessarily the case at all.