Re: Boomerang Buyers
10-17-2011 12:53 PM
Don't ruin it for me as I've not yet had time to watch the Season 2 opener trapped on my DVR. Going to make a big plate of Manwiches (Sloppy Joes) and enjoy the show. Anyone shambing over to the Long Beach Zombie Crawl on 10/29? But I digress...
There are some buyers who have their spouse on their departure residence who let's it go back to the bank, hoping then since they are "clean" to buy right away. The problem though is that when we ask "where've you been living for the past 2 years?" They can't say they were renting, and more often than not their tax returns (jointly filed) show joint claiming of the Mortgage Interest Deduction. It's an impossible task at that point in time to get a new loan until time passes.
One Boomerang Buyer had a Corporate Relo go terribly wrong. The company went out of business and stopped paying their housing subsidy. Is that the buyers fault for finding their home unaffordable? Not really. It's people in these situations, rare as they may be, who are able to re-buy in a shorter time window than others.
Thanks for reading,
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