| Real Estate in Victorville is a great investment for | | | | is well below market value. Banks are willing to take a |
| those of you who have secure employment, money | | | | sizeable hit to avoid foreclosure proceedings. |
| socked away, and excellent credit. However, for the | | | | - Instant equity |
| rest of us struggling to make mortgage payments | | | | Disadvantages for the buyer: |
| and seeing our property values decline, these are the | | | | - The waiting time and not sure when you will close. |
| most difficult of times. With the economy still in | | | | - The Sales price has to be approved by the seller's |
| turmoil, there are more foreclosures and short sales | | | | and often the price does not reflect what was |
| in Victorville than ever before. Trends are likely to | | | | originally advertised. |
| continue until unemployment returns to "normal" | | | | - In most cases, multiple offers from different |
| levels in the Victor Valley. | | | | buyers are submitted for approval, meaning you are |
| Real Estate in Victorville continues to grow at a rapid | | | | in a bidding war. |
| pace. The residential population of Victorville is | | | | A Foreclosure: A proceeding in which the financer of |
| approaching 95,000 and estimates suggest that this | | | | a mortgage seeks to regain property because the |
| figure more than doubles during business hours. | | | | borrower has defaulted on payments. |
| Victorville is home to a large and diverse pool of | | | | Advantages for the seller: |
| workers, and has many educational opportunities to | | | | - No mortgage payments to make. |
| ensure a qualified supply of workers that will fuel the | | | | - Foreclosure proceedings take months to conclude. |
| future of Victorville real estate. Latest market | | | | - The home is still yours until the foreclosure is final. |
| statistics show that the level of housing inventory in | | | | - Banks sometimes give cash for keys after the sale. |
| has risen every month since the beginning of the | | | | Cash for keys is a program that is designed to induce |
| year. A growing portion of this inventory comes from | | | | the owner to maintain the home to attract a buyer. |
| short sales or properties that have been foreclosed | | | | Disadvantages for the seller: |
| by the banks. These statistics suggest a very strong | | | | - The right of home ownership is stripped away. |
| buyers market for Victorville Real Estate and a great | | | | - Homeowners return to the rental market |
| opportunity to negotiate a good deal. Whether you | | | | - Your credit takes a substantially large hit, and a |
| are listing or buying, having more information at your | | | | foreclosure will remain on your credit report for 10 |
| fingertips, as well as knowing the comparable real | | | | years. |
| estate values in Victorville is critical from a financial | | | | - Under Fannie Mae guidelines, you will not be eligible |
| standpoint. I am going to define what Short Sales | | | | to buy another home for 7 years. |
| and Foreclosures are and what the advantages, | | | | Advantages for the buyer: |
| disadvantages, potential pitfalls, and windfalls these | | | | - Some lenders offer incentives to home buyers |
| home statuses pose you; the buyer and/or seller. | | | | purchasing their foreclosures. Fannie Mae and Freddie |
| A Short Sale: This is a home that is in pre-foreclosure | | | | Mac also offer incentives to owner-occupant |
| status. Meaning, that the owner of the property | | | | purchasers, such as reduced down payments and |
| owes more on the loan than the property is worth. | | | | extended home warranties. |
| Advantages for the seller: | | | | - In the case of a HUD Home, HUD may allow certain |
| - No mortgage payments to make, unless you | | | | repairs to be escrowed rolled into the loan. |
| choose to make them. | | | | - Homes could be sold below market value. |
| - You will be eligible, under Fannie Mae guidelines, to | | | | Disadvantages for the buyer: |
| buy another home in 2 years instead of 5 to 7 years. | | | | - Depending on the lender, the transaction may take |
| - If your credit report does not reflect a sixty day | | | | long to close. |
| late pay you may be eligible to buy another home | | | | - Lenders are not required to complete a seller's |
| immediately. | | | | disclosure on foreclosures, so the buyer must rely on |
| Disadvantages for the seller: | | | | their home inspection and their agent for advice. |
| - Waiting for the bank to respond to an offer is time | | | | - Buyers who close late may have penalties or may |
| consuming. | | | | lose their deposit and forfeit the contract if they do |
| - The bank will want to examine personal records | | | | not close on time. |
| such as tax returns, bank accounts, assets and | | | | - The lender will often refuse to make any repairs to |
| liabilities, and a hardship letter from you. | | | | the property. |
| - Maintaining your home in spotless condition for | | | | - In cases where a home is in a severe state of |
| months until an offer is received. | | | | disrepair, it may be difficult or impossible to obtain |
| - There is no assurance the bank will accept a short | | | | traditional FHA financing. |
| sale offer. | | | | If you have any further assistance regarding the |
| - The offensive credit will remain on your credit | | | | Victorville Foreclosure and Victorville Short Sale |
| report for seven years. | | | | market, call Mountain High Realty, your leading source |
| Advantages for the buyer: | | | | for Victorville Real Estate. |
| - Low pricing - Short sales typically have pricing that | | | | |