The Boomerang Buyers are hitting the real estate market really hard. For those of you unaware of the term, the buyers are former homeowners who have been associated with the short sale, a foreclosure or filing of bankruptcy in the past few years. It initially docked in surprised. But the fact is that 1 in every 5 homes purchased in the market are being pursued by this category of buyers. These buyers have been saving for their down payments, so that they qualify for a mortgage again. The expiration of waiting period is also of significance for this aspect.
The wait period definitely differs in accordance with the circumstances which prevailed. So, a seven year wait period is requisite for the homeowner with a previous foreclosure. A 2 year wait period is ascribed for a short sale by many numbers of companies. This term definitely varies from one to another.
Indeed, it is amazing how these sidelined borrowers have returned and own plush homes in good locality. In fact, as of the year 2016, there are expected 1.5 million boomerang buyers to re-enter the market within a span of 3 years. As of present 700,000 homeowners are already in the position to suffice the mortgage criteria. Hence, very soon the market will witness a huge elevation in the real market.
It is imperative in here, that the boomerang buyer gain a pre approval letter from the mortgage lender. This is of great significance since, there are strict standards for the lenders and it needs to be abided by.
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