I received a referral from a local savings bank last week. The loan officer explained that their customer just didn’t fit into any of their loan boxes and hoped I could help. He called them Boomerang Buyers.
Personally, I hate that term. Boomerang Buyers are former homeowners who lost their home through foreclosure, short sale or bankruptcy as a result of the real estate crash and the economic recession we’ve experienced in recent years.
In my case, the buyers lost their business, and their home, due to the downturn in the construction industry in FL. They are now making excellent money from the booming oil industry in the Dakotas. However, the hell they went through these past several years drained all their cash reserves forcing them to pay cash for most everything, including their kids’ college education. Now he has a job lined up in CT, their son will graduate this spring and they want to move back to a small house in the area closer to their aging parents.
So … can I help? These new clients have already been home owners; they appreciate the freedom and feeling of self-worth in owning their own home; they understand the process and they are motivated.
Yes… I think I can! Each “Boomerang Buyer” is a unique situation. For them, buying another home depends on a multitude of factors. My job is to help sort them all out, develop a game plan and follow through to make sure it is executed. In my clients’ case, it will involve a lot of research, paperwork and perhaps a little time. Both of us are committed to the task!
There are many potential homeowners out there that need special hand-holding and direction. Families in this predicament may be ashamed, frightened that they will never be able to own a home again, wonder who would ever give them a mortgage again, … the list of feelings is endless.
The sooner I have the opportunity to interact with someone that may have lost a home or had a bankruptcy, the better. I want to begin coaching them about how long they may have to wait to buy a home again, about their current credit situation, what they need to do to get where they want to be and how it’s going to cost
As I promised my new clients, I will do my best to help find the Right Mortgage at the Right Rate that suits their needs. If you know someone in this kind of situation, I will be happy to talk to them. Licensed in CT, MA, ME, NH, RI VT, NY & FL too!. I’m here to help!