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.

Related Posts
How to Deal With Zoning Problems?
Right location is an important factor to running a successful business. A strategic location can give you the right customers and publicity. You may find the right location perfect for ...
READ MORE
House Buyers: What should a property attorney do for you
The exercise place of residence and residence law deals with a variety of relevant problems, including the following: privileges and interests in residence and actual property; sales, buys and other exchanges of ...
READ MORE
How lawyers can help real estate investors or buyers?
In many ways, a real estate lawyer can help real estate investors or buyers more than a real estate agent can. That's because they know all the complexities of real ...
READ MORE
Real estate property purchasing option?
When you are investing on a real estate property, you can choose to buy through real estate investment trust (REIT), limited liability company (LLC) or under your own name. Choosing ...
READ MORE
Do you need a real estate lawyer while buying home or other real estate?
Despite your financial worry that a lawyer's fee would cost too much for a simple decision such as buying a house, it would really be very ideal and would be ...
READ MORE
Legal help in Short Sale or Deed in Lieu of Foreclosure
A short sale and a deed in Lieu of Foreclosure are the best options if you want to give your home up, but don’t want foreclosure. These options let you ...
READ MORE
Renting Office Space: Know What’s Involved
Office spaces are efficient for business owners and entrepreneurs to run their operations. Sometimes, sharing these commercial spaces with another person in the same line of profession or business is ...
READ MORE
How to hire a real estate attorney?
It's really a great idea to hire a real estate attorney early on because it will help you save more time and money as well as defend you from various ...
READ MORE
Investing in commercial property: know the pros and cons
A commercial property, just like any other real estate, is a good investment. Examples of commercial properties include office buildings, retail buildings, industrial buildings, warehouses, apartment buildings, and properties that ...
READ MORE
Basics of buying a house
Real estate transactions can be intimidating at times. You might encounter pitfalls that will make you lose money as you buy your first house. This is why hiring an attorney ...
READ MORE
How to Deal With Zoning Problems?
House Buyers: What should a property attorney do
How lawyers can help real estate investors or
Real estate property purchasing option?
Do you need a real estate lawyer while
Legal help in Short Sale or Deed in
Renting Office Space: Know What’s Involved
How to hire a real estate attorney?
Investing in commercial property: know the pros and
Basics of buying a house