I've been interested in a foreclosed house near where I live. Recently we had a crazy rain storm, with just about everyone getting water in their basement. I was able to see into the finished basement with a flashlight to see that during the flooding there was a few feet of water in the basement. No electricity to power the sump pump probably. The water was gone 2 days later when I checked back.

I'm assuming the basement will need to be gutted. I'm wondering if it is likely that the main and 2nd floor would have any type of significant damage. I could deal with ripping out all the drywall in the basement, but if I had to rip out all the drywall in the house, that would be overly costly.