Providence Rhode Island Foreclosed and Bank Owned Real Estate
In Rhode Island, lenders may foreclose on deeds of trusts or mortgages in default: 1) by using the judicial foreclosure process; 2) by filing a lawsuit seeking eviction; 3) by taking possession of the house; 4) by the borrower voluntarily giving up possession; or 5) by using the non-judicial foreclosure process.
In most cases, when a homeowner defaults on his/her mortgage in Rhode Island, the lender will start the process of obtaining the right to sell that property at auction in order to satisfy the debt (balance owed on the mortgage).
Purchasing a home at a foreclosure auction has many risks to a potential buyer (especially a first-time home buyer). There is commonly no opportunity to view the interior of the property, conduct proper inspections and in some cases, there are individuals still occupying the premises. Because of these risks, homes in Providence, RI are not always sold at auction and the bank will instead take possession of the property. The property is then referred to as bank-owned, REO (real estate owned) or foreclosed property.
There are cases where a homeowner will attempt to sell their home before the bank starts the foreclosure process. The home owner is either already behind on their mortgage payments or will not be able to sell for a price that would cover the balance owed on their mortgage. This is referred to as a short-sale and requires the lender's approval. Obtaining approval can be a long and difficult process. Additionally, there is no assurance that the lender will accept an offer at or above the listed price.
Bank-owned (REO)and short sale listings Providence, Rhode Island are in all price ranges and often marketed with a real estate agent and placed in the Rhode Island Multiple Listing Service (to ensure full market exposure). As a service to you we will provide:
- A list of existing real estate foreclosure (bank-owned) and short sale listings(home pictured) in Providence and other communities you select.
- Email alerts on NEW foreclosure (bank-owned) and short sale listings in the Rhode Island MLS.
- Address and mapping information so that you may drive by the listings and assess the locations.
Visit Providence Rhode Island real estate to receive school reports, search the MLS, request a CMA, obtain relocation, home buying and selling guides.
Visit Rhode Island Real Estate for community information about other towns in Rhode Island.
Information is provided by Virtual Homes and go to Virtual Homes MLS for a map based search of all MLS listings of Massachusetts real estate. Visit Massachusetts real estate to obtain relocation and school information in MA towns.