Is it just Central Florida or are most REO's in such horrible condition.  I know that Banks are having bad cash flow problems, but to let their real estate assets continue to deteriorate after they take possession is just bad business.  I am not talking about the bottom end of the spectrum with regards to price.  I am talking about properties in the 500K range that are just left to self destruct.  No electricity, no lawn service, no pool service, filthy interiors, and even evidence that people are illegally living on the premises.  In the humid Florida summers air conditioning is mandatory to keep the property from becoming consumed with mold and mildew.  The old saying, "let the buyer beware" is especially true when buying one of these REO's that has been empty through the summer.