Seriously, is the buyer real? Does the buyer whose name appears as the owner of record know he bought a house? Does his real situation support him buying a house? Are payments being made on the new loan? To a lesser extent, did the buyer move in? Or rent the property out and the lessor is the same as the owner?
Hope that helps.
As Michelle said, perhaps the home needed considerable work, etc. It would be difficult to say without having been in the home, etc.
And yes, sometimes things don't always go on the up and up.
I'm not sure if we've really addressed your question?
In my experience, when a conservator is involved, the condition of the house is exceptionally poor--if the seller needs a conservator it's because they can no longer care for themselves, let alone a home. There may be extreme deferred maintenance, willful damage (especially if drugs or mental illness is involved). One sold in our area that was 2000 sf and literally was a shell requiring complete gutting--even with 50 bids at probate, it sold for a price considered $200K low for anything of its size in the neighborhood.
I'll ask you one question: did you ever get a chance to go in the home and see it for yourself? In our area, everyone was so excited about this property because of its low asking price; however as one of my clients said afterwards, "Can you smell it on me?"
Usually the only people willing (and actually experienced enough) to purchase and refurbish a home like this are professional contractors, investors, etc.
I hope this answer educates you and perhaps eases your mind.
As one of my clients