The contingency reserve may be released only if required, necessary, and unforeseen repairs or deficiencies are discovered during the renovation.

And, if this is in your lease, the tenant has violated the lease covenant and you would want to let them know that they have (in most states) five days to cure the deficiency or eviction could occur. 

Unless you have proof of all FOUR notices, the notices are deficient. 

Maybe my budget on some is deficient, but on others it comes in surplus so it all averages out when you start doing a respectable volume.

Essentially, I guess they have the right to do that as well because then the previous owner will essentially be made whole automatically (i.e. their debt will be paid in full so there won't be any deficiency issued to them) and maybe the bank just wants the house.Or is it possible that the upset price might be higher because an outside party put in a bid already above what was owed to the bank so they set it at that bid?

There is no deficiency judgment on a reverse mortgage.Do you know the seller's actual mortgage balance?

I think most failures flow out of our own deficiencies so my advise would be to make an inventory of what it takes to be successful out of state and then compare that to what skills you have. 

And the connection from the walls (tilt up construction) to roof are deficient.

 $40k outstanding.Bank Bid: $43k ($2k deficiency)Value (according to Zillow): $260k, seems appropriate for area.1 bed/1 bath, 1100 sqft.I understand that Zillow's estimates are not totally reliable, but even if it's 10% high, you're looking at a pretty good margin.Am I about to watch this property get sold at an incredible discount?

Working with BOA on a Short Sale and have several others just getting off the ground...My question is...What is the likelyhood and legalities in Iowa in reference to Deficiency Judgements?