Have you ever heard the term "boomerang buyer" applied to someone who is looking to buy a home? Have you been wondering what it means?
It's actually very applicable right now. It essentially refers to someone who lost their house in foreclosure. Now, they're looking back into the market so that they can buy a new home. This progression from having a home taken away to putting in an offer on a new one is what makes people use that term.
The reason it's applicable right now is that we have largely moved past the recession and the housing crisis that happened in the last decade. A lot of people lost their jobs, lost their savings and lost their homes. It was outside of their control for many of them.
For instance, someone may have been fired because, though they were a good employee, their company declined. It offered luxury goods that people couldn't afford during the recession. Without a job, they couldn't pay the mortgage, and the bank came calling.
Now, with the economy trending upward again, these same people have new jobs and a steady income again. They're ready to buy a new house. This wasn't a path that they would have chosen for themselves, of course, but they have done the best they can, all things considered.
If you're facing foreclosure or wondering what the future holds, keep these types of stories in mind. Remember that foreclosure happens for a lot of reasons, and it may not be your fault at all. The key is to focus on the future when considering your legal options.