In my experience, the banks do not properly winterize the properties or take care of them. That is why they deteriorate so fast. In our area, Citibank is the worst.
Also, on many newly built McMansions, when they forclose, the baon will hire the original builder to winterize them. The builders, while winterizing, will help themselves to the appliances, cabinets and, in some cases, the A/C compressors. I have seen many in this condition.
But, different areas and different conditions.
Forclosures that are a deal are not always a deal…
Forclosures that are a STEAL are usually a great deal. They are still possible but hard to find in my area
They are getting to be a large part of the inspection business. They take longer to inspect because there is so much wrong with them.