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Boomerang buyers, purchasing a home after a Foreclosure or Short Sale

Want to know the difference between a Short Sale and a Foreclosure?
Want to know the difference between a Short Sale and a Foreclosure?Ira Joshua Parker, P.A. of Profusion Property Group

In a follow-up to an article we recently posted about Banks coming after homeowners who let their homes go to Foreclosure in bunches, the Florida Association of Realtors has just recently stated that Boomerang buyers, people who lost a home through Foreclosure or Short Sale between 2007 and 2013, are project to make up about 10% of all home purchases this year.

There are some mortgage programs, such as the FHA Back To Work program, that allow for these consumers to qualify for a new loan within as little as 12 months. After jumping through some hoops, of course.

Yet, the recent discussion about Banks seeking deficiency judgments on these borrowers after the Foreclosure or Short Sale poses a key ingredient that may be getting missed here: how many consumers WON'T be eligible for new financing because their prior Bank has now placed a deficiency judgement against them?

Ultimately, if you lost a home to Foreclosure, or sold a home via Short Sale - you'll want to consult with a mortgage professional ASAP to find out your current eligibility (or lack thereof), and see what action items you may be required to complete in order to obtain eligibility for new financing!

Josh Parker is the CEO & Team Leader of ProFusion Property Group at Keller Williams Realty, located in Trinity, FL. Josh is an award winning REALTOR®, a 2-time BOLD Graduate, an active Agent Leadership Council Member, the Chairman of the Agent Productivity Committee, and a Tampa YPN Committee Member. ProFusion Property Group specializes in the listing & sale of residential real estate for Pinellas, Pasco & Hillsborough Counties. His team has successfully sold over 250 units for their clients in 2012-2013, while maintaining an exceptional “sold price to list price” statistic of 99.08% (nearly 4% higher than the market average). For more information, free tips, and free home searches, please visit Josh & the ProFusion Team at www.profusionpg.com or www.facebook.com/profusionpropertygroup.