Rhode Island foreclosure listings are updated daily as home owners fail to make their mortgage payments or pay taxes associated with their properties. However, before you rush out and look for properties, you should understand that working with Rhode Island foreclosure listings is a little bit different than buying a regular property.

Educating yourself on how to obtain foreclosed homes in Rhode Island will give you a big advantage in the marketplace when you finally do make a bid on bank-owned homes in Rhode Island. Here are some tips to help you buy bank foreclosures in Rhode Island, or stave off foreclosure on your personal or business property.

1. Understand the laws associated with buying or selling foreclosed homes in Rhode Island.

2. Learn about the process of obtaining foreclosed homes in Rhode Island.

3. Educate yourself on how to stop your home or business from becoming one of many foreclosed homes in Rhode Island.

Action Steps
The best contacts and resources to help you get it done

Learn the laws regarding Rhode Island foreclosure property listings

Before you purchase a Rhode Island foreclosure, you want to make sure you understand the laws in detail. Since the seller is the bank, and you are buying home at a steep discount, the protections extended to the buyer are very different. Also, when dealing with foreclosed properties, it's the bank that must accept your terms. Since the bank is an institution and not another individual or family, the laws they have to follow will be different. These rules and regulations vary from state to state.

I recommend: Check out the website ForeclosureLaw.org. They provide a synopsis of the major laws, rules and regulations attached to obtaining a piece of property in foreclosure in Rhode Island. The Rhode Island State General Assembly also keeps copies of the rules and regulations associated with purchasing a foreclosure.

Educate yourself on how to obtain foreclosed homes in Rhode Island

Get to know the process of obtaining a Rhode Island foreclosed homes. Homes in Rhode Island may be obtained through both a judicial and non-judicial route. The steps involved are quite different with each. Make sure you understand the step-by-step process, inclusive of when and how you make an offer, perform inspections, secure a mortgage and obtain the deed to the property.

I recommend: Check out the website for Foreclosure.com. They offer a step-by-step process about how to obtain either a judicial or non-judicial foreclosure property in Rhode Island. Also check out Foreclosure Deals.com. They have a section dedicated to the process of obtaining a Rhode Island foreclosure, including a section on "special procedures."

Learn how to stop your home or business from becoming one of many foreclosed homes in Rhode Island

When it comes to foreclosure property listings in Rhode Island, many people want to figure out to get their home or business property off that list before it becomes foreclosed on. See the official state and national government websites for assistance on everything from loan modification programs to principal reduction to avoid having your home become part of RI foreclosure listings.

I recommend: Check out the website for RI Realty.com. On the right-hand side of their homepage, there is a dedicated section on foreclosures. Everything from "preventing foreclosure" to "renegotiating" your mortgage is covered. Also, the US Department of Housing and Urban Development has a special page dedicated to obtaining help if your home or business is trying to stave off foreclosure.

Foreclosure property listings in Rhode Island contain updated information from a rapidly changing real estate market. The main types of foreclosure include properties in pre-foreclosure, bank-owned, government-owned and auctions. Typically, the buyer goes through a real estate agent who prepares the papers and makes your offer.

The foreclosure process begins when the borrower/owner defaults on payments due. A public notice of default results after several months. This creates a buying opportunity with below-market value for the buyer/investor. Whether your intentions focus on ownership for rental purposes, re-sale or personal dwelling, keeping up with the daily Rhode Island foreclosure listings gives you the early bird opportunity. When using Rhode Island foreclosure property listings consider the following questions:

1. What’s my maximum price for Rhode Island state foreclosure listings?

2. What property features do I need?

3. What location do I want?

4. Do I want pre-foreclosures, auction or bank-owned Rhode Island foreclosure property listings?

Action Steps
The best contacts and resources to help you get it done

Find pre-foreclosure listings in RI

With pre-foreclosure, the owner needs to sell the property before the bank starts the foreclosure process. Look at the property to determine its value and talk with the owner to determine possible repair costs before buying.

I recommend: See pre-foreclosure listings with a free trial at ForeclosureFreeSearch.com with foreclosure alerts. Enter county, city or zip code at ForeclosureWarehouse.com for foreclosure listings in Rhode Island. A nominal fee applies.

Sign up for a free Rhode Island foreclosure listing

Receive email notification when new foreclosure listings in Rhode Island come to market. Fill out a short application to get on the list.

I recommend: Sign up for free email listings and search at EmailForeclosures.com. Receive free foreclosure property listings in Rhode Island with daily email alerts from RealtyTrac.com.

Locate bank owned homes in RI foreclosure listings

A real estate owned property (REO) results when the mortgage lender takes back the property for resale. Typically, up to 20% discounts apply to these distressed properties.

I recommend: Search ForeclosureS.com by city then click “REO/Bank Owned” tab to find existing bank foreclosures in Rhode Island. Find bank repos and REO foreclosed homes in Rhode Island from the list at HUDForeclosed.com. Sign up for a free trial to find REO properties at AbsoluteForeclosures.com.

Find auctions in Rhode Island foreclosure listings

A notice of sale, published in local newspapers during a 3-week period, must provide address, mortgage date, amount due, auction date and location.

I recommend: For Rhode Island foreclosure listings ready for auction go to Government-Auctions-Guide and select RI from the drop down menu. A low membership fee applies. Check in often to find notices for foreclosed property listings in Rhode Island at PropertyAuction.com.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Buying foreclosed homes in Rhode Island typically takes 2 months to close with most sales handled without court proceedings.

Rhode Island foreclosure listings have a vocabulary that varies from normal real estate listings. Some things like the type of foreclosure, auction date, and any potential liens will all be detailed in a Rhode Island foreclosure listing.

Take the time to learn about some of the foreclosure key terms commonly found in the Rhode Island foreclosure listings. Here are some quality resources, along with those key terms, to help get you started.

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Certificate of possession

The certificate of possession is a document obtained by a lender after they take possession of an abandoned house by occupying it. A Rhode Island foreclosure listing will state the manner of foreclosure and if the property was obtained through possession. This is important to know because a defaulted owner may try to claim a right to redemption.

I recommend: Foreclosure Law.org has more information on the certificate of possession and how it is obtained within the state of Rhode Island.

Right to redemption

The right to redemption refers to a defaulted borrower's right to reclaim the property after it has been foreclosed upon. This right to redemption may occur even if the property has been sold by the bank to a new buyer. When looking at a Rhode Island foreclosure listing, check to see if the bank lists a potential right to redemption by the previous owner.

I recommend: Visit Foreclosure.com for more information on the right to redemption laws in Rhode Island.

Notice of sale or notice of auction

The notice of sale is a notice that must be published in a widely circulated newspaper at least three times no less than 22 days before the auction. A Rhode Island foreclosure listing will detail the notice of sale and may even provide a copy of it.

I recommend: Visit Realty Trac for further information regarding the notice of sale and how it relates to Rhode Island foreclosure listings.

Complaint to foreclose

This is the statute in the state law books that allows a lender to foreclose on a defaulted borrower. A Rhode Island foreclosure listing may list that the lender has exercised or filed a complaint to foreclose.

I recommend: Visit the Rhode Island state website for more information on the complaint to foreclose.

Non-judicial foreclosure

A non-judicial foreclosure in the state of Rhode Island occurs when there is a power of sale clause in the mortgage document between the lender and the defaulted borrower. This clause states that a lender may begin the foreclosure proceedings without the order of the court if a borrower defaults. Rhode Island foreclosure listings will contain information about whether a particular property is a judicial or non-judicial foreclosure.

I recommend: Foreclosures.com has more information on the method of non-judicial foreclosure within the state of Rhode Island.

Power of sale clause process

The power of sale clause process refers to the steps the lender must take within the state of Rhode Island to foreclose on a defaulted borrower. This includes mailing a letter to the defaulted borrower, advertising the sale and clearly publishing the terms of the public auction. A Rhode Island foreclosure listing will mention if a home is being foreclosed upon through a non-judicial or power of sale manner.

I recommend: The American Foreclosure Specialists website has further information on the power of sale clause process in the state of Rhode Island.

Staying on top of Rhode Island foreclosure listings news and trends is vital whether you are an investor or a home buyer. While Rhode Island foreclosure lists can help you find properties that are repossessed and priced below market value, you need to understand the current market in order to get the best bargains. The foreclosure market changes rapidly, so news and trends pertaining to foreclosed properties must be monitored closely.

There are many valuable resources and tools that can help you make the most of RI foreclosure listings. Some blogs and online reports can help you understand the market for foreclosed homes in Rhode Island. Of course, Rhode Island state foreclosure listings contain much useful information. When trying to understand the market, consider:

1. Study guides and reports related to foreclosure listings in RI.
2. Look for trends at Rhode Island state foreclosure listing sites.
3. Read real estate blogs written by Rhode Island foreclosure insiders.
   

Action Steps
The best contacts and resources to help you get it done

Read guides to get current news and trends about the state of foreclosure listings in Rhode Island

Many companies offer guides and reports about news and trends of the Rhode Island foreclosure market. These reports and guides can help you understand how many foreclosures the state has, the current price of many foreclosures, the communities most affected by foreclosure and other useful information.

I recommend: RealtyTrac offers news reports and the latest information about Rhode Island foreclosure property listings. The Providence Journal includes information about trends in foreclosure property listings in Rhode Island.

Visit Rhode Island foreclosure listings to spot trends first

Few things can tell you as much about the local foreclosure market as daily readings of Rhode Island foreclosure listings. Looking for your own trends by reviewing listings each day helps you spot trends first - before the competition does - and helps you hone in on the information that is valuable to you.

I recommend: ForeclosureFreeSearch.com offers thousands of listings in the Rhode Island area. ForeclosureFetcher offers daily updated listings and information about foreclosed homes in Rhode Island.

Read blogs about bank foreclosures in Rhode Island to learn about trends first

Rhode Island real estate agents specializing in foreclosures often keep blogs to promote their own foreclosures and to share their views on the market. Since these professionals see trends develop first, they are often very reputable sources of information. Good blogs can help you find out about trends that are still only visible to industry insiders.

I recommend: Foreclosure Listings contains a blog with information about homes foreclosed in Rhode Island. Avoidriforeclosures.com is a blog specializing in Rhode Island foreclosed homes. The blog covers foreclosure listings in RI, as well as the latest information about local foreclosure market trends.