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
Discuss major real estate laws in the U.S.
Real estate laws has a broad legal area coverage regulated by state law, federal law, and common law. This law includes land and any immovable structures attached to that land ...
READ MORE
Different investment property purchasing options
Investing in real estate property has become a trending way to earn a profit for the last 50 years. It is important to learn the different property purchasing options and ...
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
Why buy investment property under an LLC
An LLC or a limited liability company will benefit you in many ways if you decide to buy real estate properties. That's because it will provide plenty of protection in ...
READ MORE
Buying or Selling real estate property
If you are not an expert in buying or selling a real estate property, you need the help of a sales agent to walk you through the entire process. You ...
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
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
Property tax law
Property tax is a tax on real estate levied by any level of jurisdiction from National government right down to municipal or county level. The amount charged is usually between ...
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
Why should you buy investment property under your own name?
Because it is your investment, you can always choose where to name your investment property. If you so decide to put your property under your name, below are the advantages you ...
READ MORE
Discuss major real estate laws in the U.S.
Different investment property purchasing options
How to hire a real estate attorney?
Why buy investment property under an LLC
Buying or Selling real estate property
Do you need a real estate lawyer while
House Buyers: What should a property attorney do
Property tax law
Renting Office Space: Know What’s Involved
Why should you buy investment property under your