The foreclosing lender will need an appraisal in order to meaningfully assess the value of the property in its condition at the time of the foreclosure sale although, without the permission of the occupant, the appraiser will not be able to view the inside of the premises. Appraisals cost money. If a lender has a large portfolio of loans in default, does it make sense for the lender to spend money on appraisals where the cost of an appraisal (a cost of collection which can be added to the amount of the outstanding debt) cannot be recouped, because of anti-deficiency rules, except in the rare case where the appraisal may discover waste and the lender can also establish bad faith? Should lenders eschew post-default appraisals but depart from the general industry practice of full credit bids and simply underbid in all cases? At what amount? What have they got to lose? If they do so, will the court's use of the full credit bid preclusion have accomplished anything?