Not that you’d remember after ten years, but my agent and I traipsed through ten properties before I decided to buy the eleventh, which is now of course the palatial estate at Surlywood. For the record, this is what I thought of the tenth:
This place was a foreclosure, and it had been suggested in earlier discussions that despite what you see on those TV infomercials, there’s not a lot of benefit to buying these things; apparently, once informed that they’re about to be dispossessed, the occupants avenge themselves by trashing the premises. It was certainly the case here: non-functional appliances were scattered about, the window treatments were more trick than treat, and someone had made off with a couple of downspouts, fercrissake. This will be a beautiful home for someone someday — provided that someone is willing to spend half again the purchase price to restore its dignity. I’m not.
Have things improved in the last decade? Of course not:
When people have little incentive to behave well, and when nobody is watching, what do people do? The last few years have given us millions of opportunities to answer that question as people living in foreclosed homes decided whether to leave those homes in decent condition or to instead pour concrete down the drain.
These folks are lucky to live in the US — we have the most lenient home mortgage system in the world. Very, very few other countries in the world have no-recourse mortgages where one can walk away only with a ding on their credit record, without even a personal bankruptcy. Almost anyplace else, they would be facing years of garnishments for whatever losses on the loan the bank had after they sold the home.
One could argue, I suppose, that a system that would lend me money is too lenient by definition. Still, despite qualifications that could fairly have been described as marginal, I got the loan, and I’ve never come close to foreclosure; I’ve never even been stuck with a late charge.