Finally, Naperville Boomerang Buyers See Daylight

By
Real Estate Agent with Graham Real Estate Group

There is a seven-year window for some past Naperville homeowners—and it’s one that’s opening, not closing. The ‘window’ in question is the one that could activate Naperville “Boomerang Buyers”—which would come as good news for the local home sales.

Some background about Naperville Boomerang Buyers. It’s a term coined in the wake of the subprime mortgage fiasco, describing those burned by the housing crisis. They were, on the whole, Baby Boomers and GenXers who were caught up in the Great Recession. For many who became enmeshed in the effects of the nasty confluence of the cliff-dive of the subprime mortgage bond market and collapse of residential valuations that swept the nation, foreclosures or short sales became, literally, offers they couldn’t refuse. Not only did the bitter aftertaste leave many with a spoiled appetite for homeownership, but the damage done to the credit ratings of millions made that a moot point: they had fallen off the scale when it came to qualifying for a new mortgage.

But that was then; this is now. It’s a now that, in RealtyTrac Newsroom’s breathless phraseology, “the first wave of…homeowners who lost their home to foreclosure or short sale during the foreclosure crisis are now past the seven year window they conservatively need to repair their credit and qualify to buy a new home.”

 

To Continue Reading Please Go To: http://www.chicago2napervillerealestate.com/blog/finally-naperville-boomerang-buyers-see-daylight/

 

Enjoy!

Joe Graham

331.472.7653

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Illinois Du Page County Naperville
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Rainmaker
1,963,151
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

 

Hi,   what an opportunity for buyers in your area.  Thanks for sharing with us in AR Land.

 

Feb 19, 2015 02:39 AM #1
Rainmaker
317,924
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

For buyers that did a Chapter 7 Bankruptcy after doing a short sale and did not qualify under the "extenuating circumstances" foregiveness on some of the loan programs that were rolled out last year - this is very true for many of the more conventional mortgage programs. 

Let's hope that they have not been burned permanently....

Feb 19, 2015 06:47 AM #2
Rainmaker
1,240,821
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Joe Graham ... you're absolutely right.  As a Lender, I'm receiving more and more calls questioning "timing" and ability to buy again.  Many of these potential boomerang buyers mention "extenuating circumstances" ... and have hopes of getting into a home sooner than previously possible.  It's definitely worth the phone call and asking the questions.  I'm hoping many make that call!

Gene

Feb 24, 2015 06:22 AM #3
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Joe Graham

Naperville Real Estate Marketing Specialist
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