Do Not Be Afraid To Buy A Home Again After A Foreclosure Or Short Sale

Dated: 05/28/2019

Views: 148

According to CoreLogic, from 2006 to 2014 “there were 7.3 million housing foreclosures and 1.9 million short sales.” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: “Fool me once- shame on you. Fool me twice- shame on me.”

Don't let a foreclosure or short sale hold you back!


According to the 2019 Home Buyer Report from NerdWallet,


“Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again.”

This makes sense. They don’t want to go through the same pain again. As a cornerstone of the American dream, nobody wants to lose homeownership. But let’s illustrate this simply: Recall learning to ride your first bike during your childhood. Did you stop riding it because you fell on the ground and scraped your knees? Or did you get back on and try again until you were able to ride without falling?


Team Nest Builder understands that purchasing a home is not as simple as learning to ride a bike, but the concept is the same! There are many things necessary to learn that affect the ability to get the financing needed to purchase a home. Past occurrences can determine if there is a waiting period. In other words, you need to let your knees heal before you try again!


As we’ve mentioned in the past, homeownership has many financial and non-financial benefits. Each person needs to go over the pros and cons, taking the time to figure out what is best for their family. Should they continue renting, or should they try to buy again?


The good news is that some “boomerang buyers” are getting back into the market. They’re getting back on their bike!


“Of 2.8 million former homeowners whose foreclosures, short sales or bankruptcies dropped off their credit reports from January 2016 to November 2018, 11.5% have obtained a new mortgage, according to a study by credit rating agency Experian for USA Today.”

NerdWallet’s report also mentioned:

  • 6% plan to buy a house this year.

  • 39% intend to buy over the next 3 years.

  • 58% say they will purchase within 5 years.

Bottom Line

If you lost a home due to a financial event but would like to review your options, let’s get together to help you create a plan to obtain a home in the future! Team Nest Builder’s Lynn Garafola provides insider information on properties, neighborhoods and communities; finds your dream home fast; and negotiates fiercely on your behalf. As a Certified Consumer Credit Expert, Lynn can also provide valuable insight into raising your credit score.  Our lending partner, Adam Wizner, helps locate and procure the right loan for you.  Why would you work with anyone else? Call Team Nest Builder’s Lynn Garafola at 973-222-3777 to start buying a New Jersey home TODAY!  Start searching for your New Jersey home now at TeamNestBuilder.com.  Want more info? Click HERE to download our FREE 2019 Spring Home Buyer Guide!

Source:  Keepingcurrentmatters.com




1 comments in this topic

  • Posted by Karen Blair
    05/31/2019
    This was very helpful and has given me hope for the future. I am a widow from the September 11 attacks in 2001. I time in my life were I never thought I would recover from. I was able to to remove my children from the city a couple of years after the death of my husband to start a new life. Due to depression and many other contributing factors I recently lost my home to foreclosure. Another very difficult time in my life. But reading this has given me hope and not to give up. I want to purchase again and this experience has given me the tools to know what to do and what not to do.

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