REOs and conditions of houses

2 Replies

Often when viewing REOs / foreclosures you come across rooms that look like below. And often we find scenes that look very familiar. Are these scenes indicative of the banks doing deep inspections on the property? Does this missing sheet rock imply a flood?

Are banks ripping out carpet because some pet totally destroyed it and it stinks to high heaven? But if so why are partial floors remaining?

So I am wondering if the community has an insight into most likely explanations for the history of how these homes got into such states...and half states. I desire a deeper understanding as to what likely happened to better estimate the overall condition of the property. Any ideas?

One of the REOs that I bought last year had partial laminate in the living room. I think the previous owner did that in the case of mine, not the bank. On the HUD that I bought last year, they (HUD I assume) had already ripped up and removed the carpet. And thankfully so since the dog/cat pee smell was still very strong even without the carpet.

By the way, on the one with the partial laminate - we pulled up the laminate from the hall and bedrooms and used that to fill in the rest of the living room. Then went with carpet in the hall and bedrooms.

HUD will pull out stinky damaged carpet and cut out drywall if it shows signs of mold. Some banks will do the same and others will repair it. In other cases the past home owner removed items.

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here