About 75% of the propeties being sold in Northern RI are foreclosures. Why? It is the perfect opportunity for buyers giving them the affordabilty that has been lacking in this market.
Sometimes they are in great condition and sometimes they are not. But there are loans programs available that give you the money you need to rehab the house.It is called a 203K
and are a great way to affordably make the repairs needed such as roofs, heating systems, and even kitchen appliances. All you need is a reputable lender to help you meander through
this type of program. To get into the house with no down payment, there is a very popular program that will let you borrow 100% Loan to Value, NO PMI, NO prepayment penalty.
You may purchase a 1-2 family and it must be in a targteted area. There is a website that enables the buyer to check on a house they like to see if it is in the targeted rural area.
You amy request the details of this program and a link to the website by emailing elise@elisevetri.com
Buying a foreclosure is alot easier than it used to be and many times you are walking into instant equity. No one know if we are at a bottom in prices but almost everyone agrees that if we
are not there, we are close. You can get into a foreclosure for 50,000-100,000 off the city's/town's assessment. Attached is a complete report on how to buy a foreclosure and where to find them.
You will find it quite helpful.