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It's really easy to have a legit bike like that. It's just about as easy as having a illegitimate bike :D

Guy 1 crashed it, doesn't have insurance or doesn't want to take the loss or thinks he can repair it or wants to track it. Guy 1 sells it as a parts bike because he got half way through his project and ran out of money and time. Guy 2 buys it because he wants to track it or for a parts bike, doesn't worry about the title. You're either guy 2 or guy 3, the guy who buys it from guy 2 for the same reason.

Or guy 1 is a motorcycle thief and should be shot. Up to you to find out :p
 
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