Boomerang Buyers Back in the Housing Market

Chances are that you have never heard of a "boomerang buyer" before. “Boomerang buyers” are former home owners who have gone through a short sale, foreclosure, or bankruptcy in the past few years and are saving up for a down payment to purchase a home again—are coming back. In fact, recently I sold a home to a nice man who short-sold his home, built his credit back up and purchased a new home in just around twenty five months. 

See Buyers Testimonial by Pressing Here...

Boomeranger's are expected to flood markets in some of the hardest hit areas for short sales and foreclosures in the coming years. They are predicted to account for nearly one in every five home sales in the certain metro areas this year.

Rising rents and the desire to own again now that the economy is more stable are driving many boomerang buyers to re-enter the market. They also want to jump in before interest rates and home prices climb too much higher.

But how soon they can jump back in will depend on the type of loan they had as a previous home owner. According to my trustworthy lenders, boomerang buyers who had FHA loans may need to wait only three years if they can prove that a hardship, such as job loss or death of a wage earner, led to their foreclosure or short sale.

Borrowers have typically been required to wait five to seven years to qualify for another loan, but mortgage giants have begun to change their rules to allow home owners who underwent a foreclosure or short sale to qualify sooner. Those who underwent a short sale will likely qualify the soonest. However, not all lenders are participating, so borrowers will need to shop around. I can pass referrals to my trusted lenders if your looking!

Freddie Mac’s wait time is usually four years following a short sale or deed-in-lieu, and seven years after a foreclosure. Fannie Mae may require a seven-year wait for a foreclosure, but only a two-year wait following a short sale as long as the borrower can provide a 20 percent down payment.

Who do you know looking to buy, sell or invest in real estate? Call:

David Demangos
Keller Williams Realty
Cell:  858.232.8410
Realtor® BRE# 01905183

San Diego Real Estate Area Expert / Green Specialist / ALC Committee
Our Team Goes to Extremes to Fulfill Your Real Estate Dreams!

Download The #1 Real Estate Live Home Search App Below
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Biggest Home Seller Mistakes

Every home seller wants to receive the most amount of money when selling their homes. The picture shown here are some of the biggest mistakes sellers often make.

Let's look at a few of these:

• Showing Availibility: Some sellers only allow showings during the day or on weekends, which limits the number of buyers who may only have time at lunch to view properites. Or, the buyer may have to work on weekends. Bad idea, Mr. Seller! Sellers want to make showing a home convenient, so the buyer has the best experience...
• Overpriced Homes: As a buyer you want to pay the lowest price, right? Overpriced homes just sell their competition. A savvy buyer will look at an overpriced home, then stroll on to the next home in the area that is priced competitively and submit offers on those homes.

Coming to San Diego Housing Market Feb 2014

3 Bedroom, 2 Bath Home in Sought-After Neighborhood. Open and spacious featuring 3 large sliding glass doors overlooking backyard, a fireplace with brick surround in the living room, dual-paned vinyl windows and doors, ceiling fans, and a huge backyard with pool, patio slab, and mature landscaping. The two-car attached garage has laundry hook-ups, finished walls, storage cabinets, and roll-up door.

Who do you know looking to buy, sell or invest in real estate? Call:

David Demangos
Keller Williams Realty
Cell:  858.232.8410
Realtor® BRE# 01905183

San Diego Real Estate Area Expert / Green Specialist / ALC Committee
Our Team Goes to Extremes to Fulfill Your Real Estate Dreams!

Download The #1 Real Estate Live Home Search App Below

http://TinyUrl.com/LiveHomeApp