Happens all the time in this stage of the cyle – that is, the foreclosure stage of the cycle. Mortgage industry pros call this “falling in love with the plumbing” because the defaulting tenants often rip out the plumbing and fixtures (in order to sell) as well.

Banks don’t want to be in the business of home ownership, much less the business of home improvement. That’s why they generally don’t bother fixing up properties.