Miami Foreclosures - Real Estate Sales History

[Alex Santini]

I have included a screenshot with this post. I am trying to understand the foreclosure process. A condo is for sale in my area and the sales history says Deutsche Bank purchased the property for roughly $10,000 and the properties assessed value is roughly $200,000. I assume this sale took place at a foreclosure auction and I also assume banks likely buy multiple properties at a time which allows them to get a property so cheap. I was wondering if anyone wanted to point out some things I may be missing because I'm sure everyone wants to be able to buy a property worth $200,000 for $10,000 

[Wayne Brooks]

@Alex Santini They were the plaintiff....they set their max bid (reserve) around $200k, what they were owed. No one wanted to bid that high so they got it back for a $19k credit bid. Same reason you see some properties “sell” for $100 at auction. 
This has no relation to what price they will be selling it for.

There are no give away prices at the auction....typically 90% or better of value.