We have seen many homes, including several foreclosures, or as I call them bank owned properties.
The ceiling in the picture is in a beautiful home on Carroll Street in St. Paul, MN. It looks as though water from a leaky pipe ruined the ceiling and then warped the floor beneath it.
Holes in the ceiling do not bother me or my buyer, what is getting to us is the sad story these homes tell. They are often vacant, but still have some of the personal belongings of their previous owners in them. We find baby blankets, dolls, and other toys. We see rooms decorated for teenagers, and bikes on the front porch.
The homes themselves have a lonely neglected feel to them. We find holes in the walls, water damaged ceilings, broken windows and sometimes dirty dishes in the sink. In one home we found an I.V. stand, and wondered who got sick and if that is why they couldn’t make their house payments.
When we start on these house hunting missions we are usually both fairly talkative, but after going through several homes we drive back to his car in silence, thinking about the homes we saw, and wondering where the families that belong to the personal possessions in the homes are today.
These homes do not have sellers disclosures in them and we don’t know a lot about them. As a reminder to anyone who is buying a foreclosure please have a complete home inspection performed. You will be buying the home "as is". If there is a city inspection report available for the property make sure your inspector has a copy of it. These reports are helpful but should never take the place of a complete buyers inspection.