Why spend over $75,000 to get an advanced degree to find a better paying job when you can invest in Providence, RI foreclosed homes and build your long term wealth. You will be able to retire sooner by investing in real estate than staying in a job you dislike for 20-30 years. You have alternative choices to make right now. Investment opportunities in foreclosed houses in the Providence area are just waiting for investors/buyers like you to purchase them. In fact, some buyers are getting into bidding wars over opportunities to buy foreclosed homes. Expect some competition at area property auctions which are attracting many buyers these days. But, there is a large source of inventory so you should still be able to find what you are looking for at the price you want to pay. Choose from government foreclosures, REO’s, short sales and many other foreclosure properties in all price ranges and in some very choice Providence neighborhoods.
According to Trulia.com, there were 392 foreclosed homes between February 10, 2010 and April 10, 2010. Hot neighborhoods and average listing prices for week ending May 19, 2010 include:
- Blackstone, $748,991,
- College Hill, $732,008
- Hope, $279,239
- Wayland, $434,827
- Foxpoint, $324,309
There is a misconception that foreclosed houses are all in poor condition in bad neighborhoods. The truth is just opposite. There are a number of homes that are in great condition in hot neighborhoods. You just have to search many sources to find foreclosure listings such as working with a local Realtor, the newspaper for foreclosure auctions, Internet sites, government websites and government auctions.
Finding Creative Financing
Cash buyers are king right now. Buyers with good credit are not having any problems getting loans either. Don’t be discouraged from buying if you don’t fall into these categories. Buyers with less than perfect credit can still find creative financing to purchase their foreclosed houses. Private money lenders may be the answer if you plan to flip the home. Private money lenders offer short term loans without higher interest rates but don’t have the same tight lending guidelines that traditional lenders require, and you can get the funding in a week or sometimes sooner. If you plan on keeping the property for awhile, you may want to talk to a family member about loaning you the money. Because foreclosed homes are so affordable to buy right now, it just doesn’t make sense not to get in on the opportunity to invest in a sure thing. Buying Providence, RI foreclosed homes gives you the best opportunity to get a property with a built in equity.
Today’s affordable home prices in Providence and the surrounding areas won’t last forever so you should take advantage of the large supply of inventory and the low rates so you can own Providence foreclosed houses.