Rhode Island Foreclosures Climbing to New Heights, Attracting Investors

Rhode Island foreclosures are quickly becoming one of the most sought after types of real estate in the state, as their numbers grow statewide and investors are becoming increasingly aware of the excellent deals they offer on investment.


Rhode Island foreclosure homes are unique types of real estate that are on sale after the previous homeowner defaults on their home mortgage loan. In order to collect the remaining debt owed on the loan, a lender will seek to repossess the property and sell it through a foreclosure auction or other special sale. However, in most cases the lender only needs to collect a portion of the home loan in order to cover the debt at auction. Therefore, many in foreclosed homes Rhode Island end up being undersold for anywhere from 10 to 50% off their actual market value. This creates a chance for savings and profit like no other on the market in Rhode Island buyers win properties for huge discounts up front, while also gaining extra margin for profit on investment sales.

The market for forclosure homes in Rhode Island is booming as well. The first quarter of 2008 saw the state inventory of foreclosures triple, creating a flooded market full of buying opportunities. While prices on the open market can be hard to justify a purchase, especially with confidence so low and property values at rock bottom, buying Rhode Island forclosures is extremely attractive, since they offer value in a market that seems to be devoid of it completely.

Getting started with Rhode Island foreclosures means finding Rhode Island foreclosure listings, which can be found in vast quantities online and through local county registrar sources.