My Family Are Among The Boomerang Buyers Essay examples

My Family Are Among The Boomerang Buyers Essay examples

Length: 834 words (2.4 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

My family are among the boomerang buyers. They are Vietnamese nail technicians – so stereotypical – and they lost their homes to foreclosure while trying to keep up with the Joneses. As their credit makes them ineligible for loans right now, my family can wait to buy a home with the rent-to-own option.
Rent-to-own is advantageous for potential buyers as they have time to build a down payment, develop good credit, get a feel for the neighborhood and home, and settle for a sales price that allows them to buy the home at a below-market price (Richardson). This option ensures that the buyer isn’t wasting time as he/she waits to be qualified for a loan. These waiting periods will vary from two years for a VA loan, three years for a Federal Housing Administration (FHA) loan, and seven years for a conventional loan (Lerner). The FHA also offers a Back to Work program where people can reapply in twelve months if they prove their income fell 20 percent or more due to a job loss (Lerner).
This waiting period is important for buyers to develop a plan that they can follow. When rebuilding credit, history of paying bills on time help, even though, the foreclosure will stay on the credit report for seven years (Geffner). Buyers should ensure that their debt-to-income ratio meets lender’s guidelines too (Geffner). Once a buyer is ready, they should get preapproved for a loan to show realtors and sellers that they are able to purchase the property and buyers should ask a lender to consult CAIVRS, a database of government-insured debts (Geffner). The CAIVRS can deter eligibility for government loans.
Boomerang buyers may have lost their homes, but they show a reliance and determination to buy a new home. They would be more careful this time arou...

... middle of paper ... decisions. They should investigate all their options and talk to qualified lenders and realtors. Purchasing a home is a cooperative effort so that the banks, the realtors and the sellers and buyers all profit from this endeavor. There are many different loans that buyers can qualify for. Also, buyers that lost a home in short sale may have an easier time than buyers that lost their homes in foreclosure. Boomerang buyers owe it to themselves to rebound from the crisis to become a part of the capitalist economy and rebuild their lives. My family has rebuilt their lives and gained a new home. They are more financially secure and no longer keep up with the Joneses. It is unnecessary to keep a façade and live beyond your means. Whether boomerang buyers choose the rent-to-own option or wraparound financing or land installment contract, they are here to own a home again.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Power Of Suppliers And Power Of Buyers Essay examples

- A Porter analysis examines five different forces that affect the success of a particular industry. This analysis is then used to establish if a certain industry is attractive to potential shareholders and investors. The following will elaborate on the power of suppliers and the power of buyers in the "family restaurant" industry; including restaurants such as: Boston Pizza, East Side Mario's, and etcetera. The different strengths and weaknesses of these forces depend on many different factors that will also be summarized....   [tags: Market Business Suppliers Buyers]

Free Essays
1682 words (4.8 pages)

Essay Boomerang Kids on the Rise

- A boomerang is an Aboriginal Australian weapon, shaped like a wide and rounded 'V', that was originally used for hunting. Over the years it has shifted from being a sharp tool to a plastic toy. It is similar to a single player version of Frisbee, except that when you throw a boomerang it hovers around and then returns to the place where it was thrown from. Aptly named, the 'boomerang kids' are young adults that, after leaving home for a few years, return home to live with their parents, just like a boomerang....   [tags: Economics ]

Better Essays
1556 words (4.4 pages)

Essay about Generation Z : The Boomerang Generation

- Generation Z is complicated to some people because it’s not like previous generations seen. My generation is Generation Z also known as “The Boomerang Generation”. This term was given to this generation because of how frequent young adults chose to share a home with their parents after previously living on their own thus boomeranging back home. My generation got its name by characteristics displayed. Characteristics such as childish, apathetic, petty, lazy, emotional, weird and incompetent Types of characteristics like these become more problematic when social media, independency, and relationships are involved....   [tags: Generation Y, Strauss and Howe, Generation Z]

Better Essays
821 words (2.3 pages)

The Native Boomerang Essay

- The Native Boomerang Imagine the typical colonial or imperial exploration party as white, rational, glorious civilized male believers encountering dark, irrational, ignoble, savage androgynous heathen. Imagine the currently popular (in policy, not theory) admiration of the native as a centered, serious, balanced, healthy, sane, and enlightened idealized form of the explorer. The first is a mirror in speckled and faded photographic negatives – the other is all that is bad about the subject. In the second the mirror is in 32 Bit True Color Photoshopped splendor – the native is all the subject could aspire to be....   [tags: Essays Papers]

Free Essays
2056 words (5.9 pages)

Essay on Various Types Of Buyers And Sellers

- 1. What are the different types of buyers and sellers that participate in business-to-business (B2B) markets. 2. List the steps in the B2B buying process. 3. Describe the value added of personal selling. 4. What are the steps in the personal selling process. (Briefly describe each one.) 5. What are the ethical and legal issues in personal selling. 1. All firms want to divide the market into groups of customers with different needs, wants, or characteristics who therefore might appreciate products or services geared especially toward them....   [tags: Sales, Marketing, Selling, Customer service]

Better Essays
998 words (2.9 pages)

Essay on Wilson And The Gun Buyers

- In 2003 Ronell Wilson and his friend Jessie Jacobus arranged to sale guns to a buyer. The buyers happen to be two undercover detectives. They arranged to meet in Staten Island to exchange guns for cash. Wilson and his friend did not have guns to sale and the plan was to rob the two gun buyers. When they met the gun buyers Wilson and Jacobus sat in the back of the car right behind the two detectives. At some point Wilson realized that the gun buyers were cops and begin shooting them one by one to avoid going to jail....   [tags: Crime, Police, Drug addiction, Gang]

Better Essays
1687 words (4.8 pages)

Why Are Many People Becoming Boomerang Kids? Essay

- Educated people are said to more likely be successful and better off than uneducated people. Many believe that education is the key to the future ,but in todays society even the educated is left affected by the destruction of America. Although those without a college degree are twice as likely as those who have graduated from college to be living with or have moved back in with their parents both college graduates and uneducated have become Boomerang kids. "Census data show that during the recession years (2007- 2009) the share of Americans living in multi-generational households increased more among adults ages 25-34 than among any other age group." Why are so many people becoming Boomeran...   [tags: High school, Higher education, Education, Debt]

Better Essays
1113 words (3.2 pages)

Essay on The Family And Their Family

- Once upon a time there lived a family of four. There lived a mother, father, daughter, and son. The two children were twins and they were inseparable. The family was in a forest far away from villages it seemed like they were a perfect family since they were always seen with friendly animals especially wolves. The family would have picnics and even have feasted at home. Back then, the family thought about moving away since they felt that this was the best idea for their family. The family lived far away because the villagers would shun them for being friends with wolves....   [tags: Family, Mother, Parent, Marriage]

Better Essays
1813 words (5.2 pages)

Essay about American Society Portrayed in Tolkin's The Player and Among the Dead

- A Fractured American Society Portrayed in Tolkin's The Player and Among the Dead The novels 'The Player' and 'Among the Dead' are not simply tales about any given character, as it would appear, but in fact they represent Tolkin's own personal vision of what he thinks American society is becoming. Namely, that it is a fractured society built on false values, where people have difficulty dealing with the truth of feelings or situations and where people will do anything to make money. The individual plots are realistic though, and they seem to work as both true-to-life dramas and broader social commentaries....   [tags: Tolkin Player Among the Dead]

Free Essays
3853 words (11 pages)

Communication Behavior in Boomerang and Quayamat Se Quayamat Tak Essay

- Communication Behavior in Boomerang and Quayamat Se Quayamat Tak In this paper I will attempt to discover how cultural differences affect communication in two movies of differing cultures. I will keep the names of the characters formal for both movies and for the Indian movie I will translate their lines to English directly. The first movie is of the Indian culture entitled Quayamat Se Quayamat Tak, which roughly translates to “From Armageddon Till Armageddon.” This has a classic Romeo and Juliet theme....   [tags: essays papers]

Free Essays
3060 words (8.7 pages)