December 27, 2013

6 tips for boomerang home buyers

By Marcie Geffner - Bankrate.com

Folks in the housing biz love people who want to buy homes. And these days, many real estate and mortgage brokers feel especially fond of so-called rebound or boomerang buyers: people who lost a home to foreclosure, but are now ready to buy again.

The chief attraction is strong motivation, says Kent Temple, broker/owner of Keller Williams Realty -- The Temple Team in Mooresville, N.C.

"If you've been through a foreclosure, you've already been a homeowner," Temple says. "You know what it's about. You know the process. You've been through hell sometime in the last seven years, and if you really want to buy a house, you are so willing to do whatever it takes."

With that in mind, here's a look at what rebound buyers need to know before buying a home after foreclosure.

Read more: http://www.bankrate.com/finance/mortgages/tips-boomerang-buyers-homes-1.aspx