We do update if it is extremely old/poor looking but as long as it is average we will just deep clean it and leave it.Vacancy is almost never an issue since the area is highly desired, close to highway, shopping so we typically rent at market rent or sometimes 50$ below if they are willing to sign a multiple year lease.

@Jon Klaus, we've found that to be true for us Jon.

@Scott Swink Not true.

There is plenty of equity in the property, but since most of it is penalties and interest and if it is true that they get nothing if the house goes to foreclosure, then it is an unnecessary expense that we would like to avoid.

If this is true, then I'm only after a report that reveals the Tax/Mechanic and Judgements.

Does the bank like the BPO to reflect the TRUE Market Value, or are they looking for more of an "inflated price"?

This is true that the homeowner can refinance their home to save themselves but in most cases it is very hard to get conventional lending when you have a rolling 30, 60, or 90.

Yes, true that you always need to keep learning.

After three price decreases of course, not always because of market conditions, but often due to agent neglect.100% true.

Banks are also notorious for "shopping" your offer for the purpose of getting a better price.I have bought a lot of REOs and have found banks to generally be a lot harder to work with than individuals.