Short Sale Blog

Here is the latest short sale news at Seattle Short Sales. We assist hundreds of Seattle area homeowners with short selling their home and avoiding foreclosure.

Boomerang Buyers - Getting Back into a House After a Short Sale

Ross Kilburn - Monday, October 15, 2012

The Wall Street Journal this morning reports about the "Boomerang Buyers" who went through short sales just a few years ago and are now purchasing homes again.

While tough to quantify the exact numbers of new buyers in this post-short sale or post-foreclosure situation, there is strong evidence from mortgage lenders and large home builders that up to 20% of current buyers fit the bill of the "Boomerang Buyer."

The projections for this market are large and growing. Based on the loan criteria to get an FHA loan, in this year's second quarter, there were 729,000 households in the 2nd quarter that haved "served their time in the penalty box" and are now eligible for financing. That is up from 285,000 in the 2nd quarter of 2011 and is expected to grow to 1.5 million in 2014.

Making a decision to get out from a bad loan, stay on the sidelines for a few years, and then get back in at lower prices seems to be working out quite well for many individuals across the country. Here is Seattle we see many of our clients choosing to do strategic short sales for this exact reason.


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