I apologize in advance for the length of this response. Personally, I would never buy a forclosed property, as my family lost our home to foreclosure in 2008 during my senior year of high school. It is something I will never fully lose my bitterness over. My parents tried so hard to save our house, which was the same home my father and grandfather grew-up in as well, but no one was willing to help a family of five with three children (ages 18, 14, and 5). Often, foreclosures are the result of poor financial decisions, which was not the case with my family. Early in my parents’ marriage, they had money issues, which they had gotten under control a few years before the foreclosure. Unfortunately, my Dad, who (then) owned his own masonry business, teamed up with a contractor to do some work. That contractor failed to pay the final $8,000 owed to my Dad for his labor, and then suddenly moved, supposedly to Florida from New Jersey, where we had resided. We never saw that money, which was to be our main source of income for a few months, or the contractor ever again. My family kept up with the mortgage payments for four months until things began to fall behind and eventually crumble. Our house slipped into foreclosure, and my parents did all they could to post-pone the sale, and succeed to do so from August 2007 to January of 2008. Our house was sold back to the bank in January, and we were evicted in March of 2008, with two and a half months of school left. My last day in my home was spent moving all of my belongings into a storage container on my grandparents property, directly next to where we lived. My memories of the eviction remain so vivid. I sat from my bedroom window, watching the officers from the sheriff’s department, people from GMAC, and a moving van park down the street, and then crowd into my driveway at 10AM. My Mom and youngest brother went to my grandparents’ house next-door, my other brother sat sobbing in my grandparents car, and my Dad had to convince me to leave my room. Later that day, my youngest brother, not understanding what had happened, asked “Can we go home now?” The whole ordeal was just utterly painful.
I will not tell a lie; the house, while not destroyed, was not left in the most desirable condition. I, personally, wrote on my bedroom door and walls before leaving, but that was the extent of physical damage, mind-you it was an old farmhouse, and needed a few repairs that we just couldn’t afford during our last year and a half in our home. After the eviction, I made a personal vow to never buy a forclosed property. To me, every foreclosed house had a story, a family that loved it, a family that never intended to leave it, but was forced to. Whether that was the case or not, that’s how I felt. I just couldn’t find it within myself to find happiness from a situation that caused pain to others. So, for me, buying such a property is not even an option, but with that said, I do whole-heartedly believe that life goes on, and it is better for the house to be loved than left to waste. I have no problem with anyone else having the desire to buy a forclosed home, I just could never be the person to bring it back to life.