Rhode Island has a foreclosure process to assist mortgage lenders in protecting against defaulting home owners. The lender can sell a foreclosed property at public auction to recoup the losses on the loan. Buyers interested in bidding on Rhode Island foreclosures can find local listings of upcoming foreclosure auctions in each city or county. They can use those listings to find foreclosed properties, prepare for the auction and buy foreclosed homes in Rhode Island by placing the winning bid at the public auction.
Look in local newspapers for Rhode Island foreclosure listings. Generally speaking, lenders in Rhode Island run foreclosure notices at least once a week for the three weeks before a foreclosure auction. If you want to expand your search for Rhode Island foreclosures to multiple cities, you can look online for newspapers that publish the notices. The USNPL website has a list of Rhode Island newspapers that you can find online. Go to Usnpl.com/rinews.php and click on the newspaper links. You can generally expect to find foreclosure notices in or near the classifieds section, typically in the “Legal Notices” or “Public Notices” section of the paper.
Use the newspaper listings to determine the location of foreclosed homes in Rhode Island. You can generally find the street address. Of course, each listing will also provide you with the date, time and place of the foreclosure sale.
Another important thing to look for is the procedure for bidding and paying for a foreclosed property at the public auction. For example, some sales have “cash only,” “full payment due on sale” or similar rigid selling terms. You want to make sure that you prepare properly for an auction and abide by the terms to avoid having a purchase voided for failure to pay on time.
Make a list of properties for further investigation. You should always visit a Rhode Island foreclosure before attempting to buy it. At a minimum, try to figure out the fair market value of the home by talking to real estate professionals or neighbors living in similar homes. This will help you make a decision on a maximum bid for the properties you seek to buy.
Prepare the money for bidding and buying the foreclosures based on the instructions provided in individual listings. In some cases, you may need a partner who is waiting nearby to deliver cash in the event that you win.
Bid on the Rhode Island foreclosed properties you want to buy. If you place the maximum bid, the seller will give you instructions on how to complete the sale.
Once you have paid all the money for the foreclosure, you need to obtain a real estate deed from the seller. This deed is imperative when buying a foreclosed home or any other real property. Take the deed and file it in the local Rhode Island recording office. This will give notice to the entire public that you bought the foreclosed property and protect your property interest in the foreclosure.
Rhode Island Legislature: Publication of Notice Under Power of Sale (Statute)