If you have always wanted to invest in prime property or buy a second or holiday home, then Rhode Island foreclosures might offer the best opportunity for you. The wave of foreclosures sweeping the whole country has not spared this small state either and a number of homeowners who have not been able to pay back their mortgages on time have been forced to foreclose their properties. As a result, banks and lending institutions currently have a high inventory of prime foreclosure properties that they are ready to sell for a huge discount.
Since almost all lenders sell off foreclosed property with the sole aim of cutting their losses, the value of foreclosed properties is generally determined keeping in mind the value of the unpaid mortgage instead of the real value of the property. What this means is that savvy buyers can locate and buy Rhode Island foreclosures that are currently being sold at discounts of up to 50% of their actual market value.
The first quarter of 2008 saw more than a thousand homes undergoing some step of the foreclosure process. This is thrice the amount of foreclosures that were reported during the same time period in 2007.
Rhode Island foreclosures have tripled in an year, creating a huge opportunity for both home buyers ands investors. However, compared to other states, the supply of foreclosures is not very high and the demand for prime coast line property is not low either. Investors and home buyers are still flocking to buy prime real estate in Rhode Island because they can see huge profits that can be made once the real estate market picks up within an year or two.
Since almost all lenders sell off foreclosed property with the sole aim of cutting their losses, the value of foreclosed properties is generally determined keeping in mind the value of the unpaid mortgage instead of the real value of the property. What this means is that savvy buyers can locate and buy Rhode Island foreclosures that are currently being sold at discounts of up to 50% of their actual market value.
The first quarter of 2008 saw more than a thousand homes undergoing some step of the foreclosure process. This is thrice the amount of foreclosures that were reported during the same time period in 2007.
Rhode Island foreclosures have tripled in an year, creating a huge opportunity for both home buyers ands investors. However, compared to other states, the supply of foreclosures is not very high and the demand for prime coast line property is not low either. Investors and home buyers are still flocking to buy prime real estate in Rhode Island because they can see huge profits that can be made once the real estate market picks up within an year or two.
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