Boomerang Buyers Need Extra Help in the Home Buying Process: What to Know
Frozen out of home ownership for years, many of those affected by the subprime mortgage crisis are now ready to buy again. These boomerang buyers with a foreclosure history are excited about their salvaged credit scores, which translate into lower interest rates. Marketing real estate to those who need a guiding hand can be a win-win.
Boomerang buyers will play a major role in the 2018 real estate trends. Countless dings fall off credit reports every day, with the required seven years approaching or already passed for those with short sales or foreclosures in 2008-2012.
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2018 Will Be All About Buyers Reentering the Buying Market after a Foreclosure
They may have lost their house to foreclosure, but they didn't lose the desire to own their own home. Between 2006 and 2014, approximately 12.8 million homes entered the foreclosure process—almost 30 percent of all households with a mortgage. Of those, 9.3 million borrowers went through foreclosure, short sold their home, or received a deed in lieu, according to the National Association of Realtors.
Referred to as "boomerang buyers," this segment of the housing market understands much of the home buying process and likely will be more reasonable about their next purchase decision than many first-time buyers.
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Ben Kinney’s Listing Presentation: Foreclosure Triangle
In Ben Kinney’s listing presentation, he discusses the “Foreclosure Triangle.” The premise is that the number of foreclosure properties on the market is getting worse, not better, which is going to drive down the value of homes in most areas. Ben uses a simple diagram to clearly present this dilemma to prospective sellers. Watch this video to learn about handling price objections during the listing presentation and encouraging sellers to list their property sooner rather than later.
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Foreclosure Clean-Out Generates Additional Income
Elaine Zimmermann is the nationally known author of "How to Retire with a Million Dollars - A Levelheaded Guide To Real Estate Investing". She has appeared on numerous national TV business shows. Her endorsements include The New York Times, MONEY Magazine and many others
Guest Contributor Elaine Zimmerman says on the topic of Foreclosure:
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