Boomerang buyers have been sitting on the sidelines for the past few years, but some are ready to get back in the Phoenix Real Estate Market. What is a boomerang buyer you might ask? Boomerang buyers are those who previously owned a home and for various reasons had to short-sale or foreclose on it, but they have waited for the required time, rebuilt their credit and are now ready and able to buy again. In short, it is those who lost their homes, but are ready to bounce back and buy again.
Because the Phoenix Real Estate Market was one of the hardest hit early on in the recession, the waiting period is up or close to up for many previous homeowners. It is estimated that 1 in every 5 home purchases will be from a boomerang buyer this year. That is higher than the national projection.
Many lenders require a minimal waiting period before someone who has a short-sale, foreclosure, or bankruptcy can purchase again. Some lenders though, have shortened their time periods as part of a loosening of the lending belt. If you want to find out how long you have to wait before you can buy a home again, I have included a general list below. It is however a very good idea to contact us regarding your specific situation and we can put you in touch with industry professionals who may be able to find options available to you sooner than indicated below.
For more information about boomerang buyers in Arizona you can read the following article.
Waiting Period Overview for Purchasing a Home