As a region of the High Valley area that typically enjoys affordable property values, the city of Victorville, California is most recently one of the most potentially profitable areas of California since so much of it’s homes are currently in foreclosure. Located 95 miles northeast of Los Angeles, with convenient access to the 15 Freeway and Highway 395, Victorville is poised for the most profitable of comebacks when the real estate market recovers from its slump. The combination of easy commuter freeway access and scores of lovely family sized homes make Victorville very desirable for the new family, or anyone looking to upsize or downsize their domicile.
The city of has three public school districts which collectively govern fifteen high schools, nineteen middle schools and thirty-four elementary schools. For the family seeking private school education, Victorville has eleven to choose from including several Christian schools which provide 1st grade education through high school. Victorville is home to one of the largest community colleges in the state, and offers 40 associate programs in fields ranging from registered nursing to business.
Whenever considering a home purchase, and especially in the case of potentially purchasing a bank owned property, the assistance of a licensed real estate broker is always advisable as the purchase parameters in foreclosure situations are different than that of a privately owned home. In addition to bank owned property, many properties are subject to bank approval in what is known as a “short sale” situation. This is where the owner of the property is not in foreclosure, but is willing to sell the property for less than what is still owed to the bank. This type of property sale is becoming more commonplace, as banks and mortgage companies are trying to reduce the number of outright foreclosures.
One consideration to make is that many foreclosed homes are sold “as is”. The definition of this term has evolved, given the recent market, beyond indication that there are no claims made as to code status of the home. “As is” in the current market, since many properties are left vacant for many months, also means that kitchen cabinets and plumbing fixtures may have been removed and sold prior to foreclosure.
In some cases, agents are seeing bank owned properties on the market that have been stripped of all copper plumbing lines, and aluminum siding. These properties are a rarity in the Victorville area, but are not unheard of. While the purchase price many foreclosed on homes in Victorville may seem like the deal of a lifetime, there can easily be tens of thousands of dollars of required repairs before the property will be certified as inhabitable. Your real estate agent will be able to secure pricing for required and proposed upgrades to the property and give you a reasonable approximation of how much the property will actually cost you before you can move in or use it for rental property.
Other considerations when purchasing a home are the conditions of the surrounding properties, and their potential for improvement or blight in the near future. Again, a licensed real estate agent is the best one to make these determinations as he will have access to historical values of surrounding properties and their current ownership status.
With 4 bedroom homes starting at a $50,000 asking price, and over 2000 homes available in the range between $50,000 and $120,000 there are certain to be many houses that are worth exploring.