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It takes 7 years for a foreclosure to clear someone’s credit report. The housing crash hit in 2008 and as a result, many lost their homes in 2008 and 2009 through a foreclosure. That means that many of those foreclosures should be clearing off their credit reports.
Get ready, the “Boomerang Buyers” are ready to come back into the home buying market and will be in need of financing. (Buyers Return)
What’s a Boomerang Buyer you say? That’s someone who had a foreclosure or short sale of their home during the housing crash and is now ready, willing and able to return to buy a home.
Just because someone lost their home during the crash doesn’t mean they shouldn’t have the opportunity to buy a home, or can’t qualify for a mortgage, now. The expiration of the foreclosure could increase their credit scores if they maintained a satisfactory payment record on other accounts.
This coupled with historic low rates, available low or no down payment programs and some easing of underwriting criteria could result in bringing these potential buyers back into the market. Good news for them and good news for lenders.
Not all Boomerang Buyers will qualify and some may not be interested in testing these waters again. But, there are plenty out there who want their second shot at the American Dream.
Get ready to service these buyers. It may take a little hand holding and TLC but opportunity exists for more business.
The buyers are ready to come back. Are you ready to service them?
